C I T Y C O U N C I L
Just last week the
Treasurer announced a new ordinance to increase investment by local banks in
each of Chicago's 77 communities. Introduced at City Council by Mayor Emanuel
and co-sponsored by Alderman Tom Tunney (44) and Alderman Roderick T. Sawyer
(6), the ordinance would require all banks who work with the City, also known as
Municipal Depositories, to provide the City with further reporting including
their own lending practices to and support for local small businesses,
non-profits and entrepreneurs. The Treasurer’s Office will then utilize that
information to create a new Banking Scorecard to ensure Chicagoans are able to
identify if and how frequently their local banks are investing back into their
communities.
An initiative from the Treasurer's first 90 days in office,
the new ordinance and banking scorecard will allow us to hold local banks to a
higher standard when it comes to meeting the credit needs of our communities and
investing back into the neighborhoods where they are located. Read more here!
Additionally, Mayor
Emanuel introduced an intergovernmental agreement between our office and the
Public Buildings Commission (PBC) that will allow us to provide the PBC
financial management services with a goal of boosting their return on investment
for its bond portfolio. The Treasurer's Office has had a similar, successful
partnership with the Chicago Park District since 2013, allowing the agency to
focus on their core mission of enhancing the quality of life for Chicagoans
while saving taxpayer dollars. These innovative partnerships mean increased
resources for key services such as education and public safety a we look forward
to providing the same level of investment expertise and support to the PBC! Read
more about the new partnership here.
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