Bill Text: IL SB2661 | 2017-2018 | 100th General Assembly | Veto Message
Bill Title: Amends the Deposit of State Moneys Act. Modifies a Section concerning agreements entered into by the State Treasurer with any bank or savings and loan association relating to the deposit of securities. Provides that such agreements may authorize the holding of securities in any bank or a depository trust company in the United States (rather than New York City). Adds to the classes of securities that the State Treasurer may accept as collateral for deposits not insured by an agency of the federal government. Adds to and modifies the investments in which the State Treasurer may in invest or reinvest on behalf of the State. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Vetoed) 2018-11-28 - Bill Dead - Amendatory Veto [SB2661 Detail]
Download: Illinois-2017-SB2661-Veto_Message.html
August 21, 2018
To the Honorable Members of
The Illinois Senate,
100th General Assembly:
Today, I return Senate Bill 2661 with specific recommendations for change.
This legislation adjusts the Treasurer’s ability to deposit state money and securities in more types financial institutions and expand his investment authority over certain funds. I am concerned that this legislation adds a new option for the treasurer to invest in riskier assets without the necessary oversight of the Executive branch that is consistent with the rest of this statute.
Therefore, pursuant to Section 9(e) of Article IV of the Illinois Constitution of 1970, I hereby return Senate Bill 2661, entitled “AN ACT concerning state government”, with the following specific recommendations for change:
With these changes, Senate Bill 2661 will have my approval. I respectfully request your concurrence.
Sincerely,
Bruce Rauner
GOVERNOR
