Overview
- City Treasurer Melissa Conyears-Ervin ordered an immediate boycott of buying U.S. Treasury securities for Chicago’s investment portfolio.
- She said the city currently holds no Treasuries, though more than $200 million were held at points over the past three years.
- Her office is drafting an ordinance to enable further portfolio changes, citing about $2 billion in money market holdings that largely earn interest tied to Treasuries.
- Conyears-Ervin pledged to reallocate into corporate bonds, money market accounts, and asset‑backed securities while maintaining safety, liquidity, and competitive returns on the roughly $10–$11 billion portfolio.
- Multiple aldermen condemned the move as risky and unpatriotic—one walked out of the hearing—and the announcement comes as Conyears-Ervin campaigns for Congress in the 7th District.