Politics

Chicago Will Stop Investing in US Treasury Securities to Protest ‘Authoritarian’ Trump, Treasurer Announces

Chicago City Treasurer Melissa Conyears-Ervin announced Wednesday that the city will no longer invest in U.S. Treasury securities to protest the aggressive federal immigration raids in Chicago and what she called the Trump administration’s “authoritarian regime.”

Conyears-Ervin made the announcement, which appeared to surprise members of the City Council, during her department’s annual budget hearing before the City Council’s Budget and Government Operations Committee.

“There are other ways for us to invest,“ Conyears-Ervin said, and ensure that the city gets the same rate of return. “We will not bankroll Trump’s authoritarian regime.”

Mayor Brandon Johnson, who has vowed to oppose President Donald Trump in every possible way, did not immediately respond to a request for comment.

Conyears-Ervin, who is running to represent Illinois’ 7th Congressional District and replace retiring U.S. Rep. Danny K. Davis, blasted federal agents’ conduct in Chicago during what the Trump administration calls “Operation Midway Blitz.” She said Chicagoans’ tax dollars should not be used to fund those who deploy tear gas in the city’s neighborhoods while detaining hundreds of longtime residents.

“Extraordinary moments require extraordinary actions,” Conyears-Ervin said, adding that she hopes other cities will follow her lead.

Davis has endorsed state Rep. La Shawn Ford in the crowded race to replace him, which includes Conyears-Ervin, Community Commission for Public Safety and Accountability Member Anthony Driver Jr. and former Cook County Board Commissioner Richard Boykin.

Conyears-Ervin, a Democrat, unsuccessfully tried to unseat Davis in 2024. First elected as city treasurer in 2019, Conyears-Ervin was unopposed in her bid for reelection in 2023. Conyears-Ervin’s current bid for Congress was endorsed Tuesday by City Clerk Anna Valencia and former Mayor Lori Lightfoot.

As Chicago’s elected treasurer, Conyears-Ervin is charged with managing the city’s $9.3 billion cash and investment portfolio. Approximately $200 million was invested in U.S. Treasury bonds, Conyears-Ervin said.

In 2024, the city banked $372.5 million in investment earnings, and Conyears-Ervin said she expected the city’s investment earnings to reach $400 million by the end of 2025.

While Conyears-Ervin said she had the authority to stop buying U.S. Treasury securities, several alderpeople said they were skeptical that she could make that change — and questioned whether she should, since U.S. treasuries are considered to be the safest investments because they are backed by the full faith and credit of the U.S. government and cannot lose money when held to maturity.

Conyears-Ervin said she would ensure the city gets the same level of return.

Several of the most conservative members of the City Council reacted with fury to the announcement by Conyears-Ervin, who is married to Budget Committee chair Ald. Jason Ervin (28th Ward). Ervin participated in, but did not preside over, the hearing into the treasurer’s $6.5 million budget.

Ald. Raymond Lopez (15th Ward) called Conyears-Ervin’s announcement “reckless” and accused Conyears-Ervin of inappropriately turning her budget hearing into a “campaign speech.”

Ald. Anthony Napolitano (41st Ward), the only member of the City Council who is not a Democrat, said he was so angered and appalled by Conyears-Ervin’s announcement that he had to leave the City Council chamber.

“You came in here to campaign, not to give a budget update,” Napolitano said. “What you did was completely wrong.”

Conyears-Ervin agreed in October to pay a $30,000 fine to resolve charges brought by the Chicago Board of Ethics alleging she violated the city’s government ethics ordinance by firing whistleblowers and improperly using city resources.

Contact Heather Cherone: @HeatherCherone | (773) 569-1863 | [email protected]

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