Chicago, IL – On the morning of Thursday, October 29, U.S. Palestinian Community Network (USPCN) – Chicago, Anti-War Committee (AWC) – Chicago, Boycott Divestment Sanctions (BDS) – Chicago, and other organizations in the Illinois Divest from Genocide Network held a press conference outside the office of Illinois Treasurer Michael Frerichs to urgently demand that he decline to renew an Israel Bond worth $20 million set to expire on November 1, 2026.
10 days before the press conference, a member of USPCN asked Frerichs if he intended to renew the bond. Frerichs responded, “every time we look at the rates they give, we look at analysis of the investments, and we make a decision.”
Noura Ebrahim, co-founder of BDS-Chicago, challenged Frerichs’ statement during the press conference, stating that “behind every discussion of interest rates are Palestinian families whose lives, homes, and futures are being destroyed. Their humanity cannot be reduced to a calculation on a balance sheet. Israel Bonds are loans to a genocidal colonial project; calling that a ‘return on investment’ proves the moral depravity of the treasurer of ours.”
Frerichs has been a vocal supporter of apartheid Israel and has purchased or renewed Israel Bonds 6 times since the U.S.-backed Israeli genocide in Gaza began, despite consistent demands from the Illinois Palestinian community, the largest in the country, the Illinois Divest from Genocide Network, and tens of thousands of concerned constituents. Currently, the total active amount of Israel Bonds held by the State of Illinois is $100 million.
73 for Palestine, a group of rank and file workers and retirees from the Service Employees International Union (SEIU) Local 73, has submitted 4 ethics complaints against Frerichs to the Office of the Executive Inspector General (OEIG) for his continued investment in Israel Bonds.
“The violations include abuse of authority, corruption, favoritism, improper use of state time and other resources for prohibited political purposes, and misuse of public assets,” said Nesreen Hasan.
Israel Bonds have become significantly less stable amid pressure from divestment campaigns and the state of the Israeli economy, contrary to Frerichs’ claims. The European Union halted the sale of Israel Bonds in September, causing a ripple effect of worsening financial volatility that led pro-Israel New York City Comptroller, Mark Levine, to stop investing city pension funds in Israel Bonds due to their erratic outlook. Minnesota, North Carolina, Michigan, and Maryland have fully or partially cut state investment in Israel Bonds.
“We are here among the millions of people throughout the world who have drawn a red line and said, you’re either with Palestine or you’re with genocide,” said Elinor Keener with AWC-Chicago. “So, Michael Frerichs has a very easy decision to make—either let the $20 million Israel Bond expire and do not purchase any more, or continue to support genocide and go down in history as a yet another white supremacist politician who stood in the way of humanity and stood in the way of our liberation.”
As of Saturday, November 7, Frerichs’ office has not released a statement confirming renewal of the $20 million bond. The next expiration date of an Israel Bond held by the State of Illinois is February 1, 2027. Follow @illinoisdivestnetwork on social media for updates on the campaign, sign the petition to divest Illinois from Israel, and/or endorse the campaign as an organization.
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