College Illinois Transparency Bill Signed Into Law

SPRINGFIELD—Legislation sponsored by State Representative Jim Durkin (R-Western Springs) to require College Illinois! to make investment decisions in open meetings was signed into law by Governor Pat Quinn today.

House Bill 3923 no longer allows investment decisions under the Illinois Prepaid Tuition Trust Fund to be conducted behind closed door. Previously, investment decisions had been excluded from public review through an exemption in the Open Meetings Act. Durkin said these decisions must be made public to protect the stakeholders.

“This is the first of several steps that will bring structural change to College Illinois!,” said Durkin. “Under the previous College Illinois! administration questionable investment decisions were made which may not have occurred if the investments were vetted in a public forum.”

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 policy.

“This legislation brings transparency and accountability to the College Illinois! investments and confidence to current contract holders and future enrollees in the program,” said Durkin. “We will continue our work to bring confidence back to the program.”

This is just one of several legislative proposals Durkin has filed as a package to get College Illinois! on the road to sustainability. College Illinois is expected to be open to new enrollees soon. This law is effective immediately.

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