College Illinois Transparency Bill Passes House Unanimously

SPRINGFIELD—Legislation sponsored by State Representative Jim Durkin (R-Western Springs) to require College Illinois! to make investment decisions in open meetings passed out of the Illinois House unanimously today.

House Bill 3923 no longer allows investment decisions under the Illinois Prepaid Tuition Trust Fund to be conducted behind closed door. The rationale behind investment decisions having been excluded from public review is due to an exemption in the Open Meetings Act. These decisions must be made public for the stake holders.

“This is a first step of several to bring structural change to College Illinois!,” said Durkin. “Under the previous College Illinois! administration questionable investment decisions were made behind closed doors and may have been prevented if the discussions were held out in the open and families with children in the fund were aware of these investment choices.”

The Illinois Student Assistance Commission has made recent changes including hiring a new executive director, consultant and Chief investment officer. The administration discontinued investments Chairman Kym Hubbard deemed inappropriate and are working to establish a safer, but well-rounded investment policies.

€œThis legislation brings transparency and accountability to the College Illinois Investments and confidence to current contract holders and future enrollees in the program,” said Durkin.

This is just one of several legislative proposals Durkin has filed as a package to get College Illinois! on the road to sustainability.

Click to hear Rep. Durkin discuss HB3923....