Dozens of protesters gathered in the Loop Monday morning to demand Illinois State Treasurer Michael Frerichs divest the state’s investments from Israel bonds.
Approximately 50 people turned out at the protest, which was organized by Boycott Divestment Sanctions-Chicago, a project of the Anti-War Committee-Chicago and the US Palestinian Community Network-Chicago.
“(Michael Frerichs) has the responsibility to invest our tax dollars responsibly, to get positive returns from Illinois residents, and he’s not doing that,” said Jae Franklin, the co-chair of the Anti-War Committee-Chicago. “He’s investing in a state that is war-torn.”
In response, Frerichs, who was first elected in 2014, said in a statement, “As a responsible steward of taxpayer money, it is our job to get the best investment returns for taxpayers. Israel Bonds have been stable investments that have generated among the highest returns in the state portfolio. Israel has never defaulted on Israel Bonds’ payments in more than 70 years. The rates are locked in, so any ratings downgrades do not impact Illinois’ rate of return. It is very important to have strong investments for our state when the Trump administration is disrupting the economy and unlawfully holding back money for Illinois.”
In Illinois, the treasurer is the state’s chief investment and banking officer, investing money on behalf of the state and local units of government.
Protesters said tax dollars are being used to fund companies that conduct business with Israel. The activists “demand the Illinois State Board of Investment and Illinois State Treasurer Michael Frerichs divest from genocide,” according to the news release by the organizations.
Also in the statement, Frerichs shared his views, saying, “I have expressed my extreme displeasure with the current Israeli government. (The Prime Minister of Israel Benjamin) Netanyahu has to be held accountable. Israel has a right to exist. Hamas is a terrorist group. Humanitarian aid to Gaza needs to be delivered and expanded immediately. I continue to support a two-state solution and the imperative for a negotiated ceasefire. Hamas must release all the hostages.”
In October, Frerichs’ home on Chicago’s North Side was defaced with paint by a group of people just hours after pro-Palestinian activists staged a protest outside a fundraiser for him at a downtown bar because of his oversight of the state’s investments in Israel. A spokesperson for Frerichs said he was unaware of any arrests in the case, and police could not provide immediate comment about the investigation.
On Monday, the organizations also protested against the rescheduling of ISBI’s quarterly meeting, which was scheduled for last Friday.