Overview
- City Treasurer Melissa Conyears-Ervin told a budget hearing she has directed an immediate boycott of buying U.S. Treasury securities as a values-based protest against President Donald Trump.
- Her office says Chicago held more than $200 million in Treasuries at points over the past three years but holds none now, with the overall portfolio reported at roughly $10–11 billion.
- Conyears-Ervin says the city will use corporate bonds, money market accounts, and asset‑backed securities instead, asserting no compromise to safety, liquidity, or returns.
- Multiple aldermen criticized the move as politically inappropriate and financially risky, with Ald. Bill Conway calling Treasuries the most liquid and secure debt instruments and Ald. Raymond Lopez questioning the decision’s patriotism.
- A spokesperson said they were unaware of any other municipality taking a similar step, and the treasurer’s staff is drafting an ordinance to adjust rules for money market holdings that largely earn interest from Treasuries, estimated at about $2 billion.