Illinois General Assembly - Bill Status for HB5806
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 Bill Status of HB5806  101st General Assembly

Short Description:  PUBLIC FUNDS-GOVT INVESTMENT

House Sponsors
Rep. Emanuel Chris Welch - Anna Moeller and Marcus C. Evans, Jr.

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 235/7from Ch. 85, par. 907
30 ILCS 235/7.5 new


Synopsis As Introduced
Amends the Public Funds Investment Act. Provides that when investing or depositing public funds, each public agency shall invest or deposit such funds with or in financial institutions that have a board of directors consisting of at least 20% persons of color. Provides that a financial institution that does not have a board of directors consisting of at least 20% persons of color may increase or modify its board membership. Provides that any public agency investing or depositing public funds shall divest any previously invested or deposited funds from any financial institution failing to meet specified requirements by January 1, 2021. Defines "persons of color". Makes conforming changes. Effective immediately.

Actions 
DateChamber Action
  7/1/2020HouseFiled with the Clerk by Rep. Emanuel Chris Welch
  8/31/2020HouseAdded Chief Co-Sponsor Rep. Anna Moeller
  9/14/2020HouseAdded Co-Sponsor Rep. Marcus C. Evans, Jr.
  11/10/2020HouseFirst Reading
  11/10/2020HouseReferred to Rules Committee
  1/13/2021HouseSession Sine Die

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