Advocacy in Action: News out of City Council

Dear Friend, Earlier this week, I 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 Chicago, also known as Municipal Depositories, to provide the City with further reporting including their own lending practices to and support for local residents, 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 my 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. In addition, I'm happy to announce that Mayor Emanuel introduced an intergovernmental agreement between my office and 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. To stay connected and share your ideas for the Treasurer's Office, click here. Sincerely, Kurt Summers Chicago City Treasurer Paid for by Summers for Chicago