SPRINGFIELD—Today Governor Pat Quinn signed legislation sponsored by State Representative Jim Durkin (R-Western Springs) to increase accountability and assist in the recovery of the College Illinois! Prepaid Tuition Program. The legislation adds ethical constraints and more stringent disclosure requirements.
House Bill 4116 places the Illinois Student Assistance Commission including College Illinois! under the Governmental Ethics Act and requires members of the investment advisory panel to submit a written statement of economic interest annually to prevent the placement of funds in allocations that would benefit the managers.
“This legislation will prevent conflicts of interest which we have seen in the previous administration of College Ilinois!,” said Rep. Durkin. “I am pleased with the progress that has been made by ISAC and will continue to work toward a long term stabilization of the program.”
College Illinois! has been undergoing numerous changes since last spring when a Crain’s investigation brought to light underfunding and mismanagement of the investment fund. ISAC has a new board and staff that have starting exiting risky investments and implementing safer practices. The College Illinois! program is expected to reopen contracts in September.
Click to hear Rep. Durkin discuss the legislation....