Overview
- At a City Council budget hearing, Melissa Conyears-Ervin ordered an immediate stop to purchasing Treasuries for the $10–11 billion portfolio.
- Chicago currently holds no Treasuries but held more than $200 million in the past three years, according to the treasurer’s office.
- Conyears-Ervin said funds will shift to instruments such as corporate bonds, money markets and asset-backed securities while preserving safety, liquidity and returns.
- Aldermen including Raymond Lopez, Bill Conway and Anthony Napolitano condemned the move as political and risky, citing Treasuries’ unmatched liquidity and security.
- Her staff is drafting an ordinance to permit further changes, and roughly $2 billion in money-market holdings tied to Treasuries remain an unresolved issue.