Overview
- At a City Council budget hearing, Treasurer Melissa Conyears‑Ervin ordered an immediate stop to purchasing U.S. Treasury securities.
- Chicago currently holds no Treasuries but held more than $200 million in the past three years, and the cash portfolio totals roughly $10–$11 billion.
- Her office is drafting an ordinance to enable further portfolio shifts and to address about $2 billion in money‑market holdings that earn interest from Treasuries.
- Conyears‑Ervin says funds will be placed in corporate bonds, money market accounts and asset‑backed securities without sacrificing safety, liquidity or returns.
- Aldermen including Raymond Lopez, Anthony Napolitano and Bill Conway criticized the move as political and risky, noting Treasuries’ unique liquidity and security.