A growing movement is calling on Illinois to divest $100 million in Israel Bonds, and has filed an ethics complaint against Treasurer Michael Frerichs, alleging abuse of authority, corruption, improper use of state time, and misuse of public assets.
Illinois Treasurer Michael Frerichs has been investing in Israel for nearly a decade. Since becoming the sole fiduciary of the fifth-largest GDP in the country in January 2015, he has invested tens of millions of taxpayer dollars into the Development Corporation of Israel (“DCI”). DCI is the underwriter for “Israel Bonds,” uninsured debt securities issued by the Israeli government to raise capital for the country. The idea to pitch these kinds of bonds originated after the 1948 Nakba, when the new state was critically short on economic resources.
According to the the Illinois State Treasurer’s Office, the state of Illinois currently has $100 million invested in Israel Bonds.
But a growing number of Illinoisans have had enough and are pushing back on Frerichs’ agenda. Members of a local union recently filed an ethics complaint against him with the state, the same month an Illinois senator introduced legislation to stop him from this investing. Coalitions of grassroots activists are hosting divestment seminars to educate the public on where the treasurer is sending their money, while others are organizing public protests, facilitating letter writing campaigns and petitions, and developing potential legal challenges. Illinois activist Noura Ebrahim believes that this opposition illustrates the true essence of people power: “Ordinary people, united in purpose, can challenge deeply rooted systems of violence and injustice.” (more...)
Statewide campaign aims to end Illinois’ investment in Israel
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