Illinois Treasurer

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The Treasurer of Illinois is a constitutional officer in the executive branch of government of the U.S. state of Illinois. Seventy-four individuals have occupied the office of Treasurer since statehood. The incumbent is Mike Frerichs, a Democrat. A former Champaign County auditor and state senator, Frerichs was first elected to lead the state treasury in 2014 following a close race with Republican candidate Tom Cross.

Eligibility and term of office

The Treasurer is elected for a renewable four-year term during the quadrennial mid-term election. The Illinois Constitution provides that the Treasurer must, at the time of their election, be a United States citizen, at least 25 years old, and a resident of the state for at least three years preceding the election.[1]

Powers and duties

The Treasurer is charged by Article V, Section 18 of the Illinois Constitution with the safekeeping and investment of the monies and securities deposited into the state treasury.[2] As such, the Treasurer is not the chief financial officer of Illinois. That role is occupied by a separate elected official, the Comptroller. Rather, the Treasurer functions as the chief banking and investment officer for the state of Illinois. In this capacity, the Treasurer receives payments made to the state, deposits monies with approved depository institutions, accounts for and manages the state's daily fund balances, directs and administers the investment of the state's portfolio of operating and proprietary funds, arbitrages bonds issued by the Governor, services principal and interest payable on state debt, and disburses public monies in redemption of warrants drawn by the Comptroller.[3][4][5][6][7]

Other programs have been assigned to the Treasurer's office by law. For example, the Treasurer collects estate taxes due the state, approves the encumbrance of federal funds, offers various impact investment programs to farmers, small businesses and undercapitalized communities, and administers both escheats and unclaimed property accruing to the state.[8][9][10][11] The Treasurer also facilitates tax-advantaged ABLE, college savings, and retirement savings programs to Illinoisans and provides a voluntary local government investment pool to Illinois' 9,600 or so counties, cities, villages, towns, school districts, and other localities.[12][13][14][15] In addition to these routine functions, the Treasurer is concurrently an ex officio member of the State Board of Investment (ISBI), an independent state agency that oversees the investment of Illinois' public pension funds.[16] ISBI's assets under management totaled $31.5 billion at the close of the 2024 fiscal year.[17]

Aside from functional responsibilities, the Treasurer is constitutionally fifth (behind the Lieutenant Governor, Attorney General, Secretary of State, and Comptroller, respectively) in the line of succession to the office of Governor of Illinois.[18][19]

List of office holders

# Image Name Political Party Term
1 John Thomas Democratic-Republican 1818–1819
2 R. K. McLaughlin Democratic-Republican 1819–1823
3 Abner Field Democratic-Republican 1823–1827
4 File:James Hall, judge and writer.png James Hall Democratic 1827–1831
5 File:John Dement 1887 engraving.jpg John Dement Democratic 1831–1836
6 Charles Gregory Democratic 1836–1837
7 John D. Whiteside Democratic 1837–1841
8 Milton Carpenter Democratic 1841–1848
9 John Moore Democratic 1848–1857
10 James Miller Republican 1857–1859
11 File:Abraham Lincoln and the battles of the Civil War (1887) (14759664831).jpg William Butler Republican 1859–1863
12 Alexander Starne Democratic 1863–1865
13 James H. Beveridge Republican 1865–1867
14 George W. Smith Republican 1867–1869
15 File:Erastus Newton Bates.png Erastus N. Bates Republican 1869–1873
16 Edward Rutz Republican 1873–1875
17 Thomas S. Ridgway Republican 1875–1877
18 Edward Rutz Republican 1877–1879
19 File:Reception to the members of the Ninety-sixth Regiment, Illinois Infantry Volunteers (1893) (14762787595).jpg John C. Smith Republican 1879–1881
20 Edward Rutz Republican 1881–1883
21 File:Reception to the members of the Ninety-sixth Regiment, Illinois Infantry Volunteers (1893) (14762787595).jpg John C. Smith Republican 1883–1885
22 File:Jacob Gross.png Jacob Gross Republican 1885–1887
23 File:John.R.Tanner.c1890.png John Riley Tanner Republican 1887–1889
24 Charles Becker Republican 1889–1891
25 Edward S. Wilson Democratic 1891–1893
26 Rufus N. Ramsay Democratic 1893–1894
27 Elijah P. Ramsay Democratic 1894–1895
28 File:Henry Wulff Portrait.png Henry Wulff Republican 1895–1897
29 File:Henry Hertz Portrait.png Henry L. Hertz Republican 1897–1899
30 Floyd K. Whittlemore Republican 1899–1901
31 File:Moses O. Williamson.png Moses O. Williamson Republican 1901–1903
32 File:Busse2 (1).jpg Fred A. Busse Republican 1903–1905
33 File:Lensmall.jpg Len Small Republican 1905–1907
34 File:John Francis Smulski (1867–1928).png John F. Smulski Republican 1907–1909
35 File:History of Illinois Republicanism, embracing a history of the Republican party in the state to the present time with biographies of its founders and supporters also a chronological statement of (14581360428).jpg Andrew Russel Republican 1909–1911
36 Edward E. Mitchell Republican 1911–1913
37 William Ryan Jr. Democratic 1913–1915
38 File:History of Illinois Republicanism, embracing a history of the Republican party in the state to the present time with biographies of its founders and supporters also a chronological statement of (14581360428).jpg Andrew Russel Republican 1915–1917
39 File:Lensmall.jpg Len Small Republican 1917–1919
40 File:Fred E. Sterling - 3409861149 (3x4).jpg Fred E. Sterling Republican 1919–1921
41 File:Edward Edwin Miller.png Edward E. Miller Republican 1921–1923
42 File:Oscar Nelson (1874-1951).png Oscar Nelson Republican 1923–1925
43 File:Omer N. Custer (1925-1926).jpg Omer N. Custer Republican 1925–1927
44 Garrett D. Kinney Republican 1927–1929
45 File:Omer N. Custer (1925-1926).jpg Omer N. Custer Republican 1929–1931
46 File:Edward J. Barrett, circa 1945 (3x4).jpg Edward J. Barrett Democratic 1931–1933
47 File:JohnCMartin.jpg John C. Martin Democratic 1933–1935
48 File:John Stelle 20998 (3x4).jpg John Henry Stelle Democratic 1935–1937
49 File:JohnCMartin.jpg John C. Martin Democratic 1937–1939
50 Louie E. Lewis Democratic 1939–1941
51 Warren Wright Republican 1941–1943
52 File:William Stratton (1).jpg William G. Stratton Republican 1943–1945
53 File:Conrad Becker circa 1945 (3x4).jpg Conrad F. Becker Republican 1945–1947
54 File:Richard Yates Rowe 7545 (3x4).jpg Richard Yates Rowe Republican 1947–1949
55 File:Ora Smith 1949.jpg Ora Smith Democratic 1949–1951
56 File:William Stratton (1).jpg William G. Stratton Republican 1951–1953
57 File:Elmer J Hoffman.jpg Elmer J. Hoffman Republican 1953–1955
58 File:Warren E Wright 1956.jpg Warren Wright Republican 1955–1957
59 File:Elmer J Hoffman.jpg Elmer J. Hoffman Republican 1957–1959
60 File:Joseph D Lohman 1959.jpg Joseph D. Lohman Democratic 1959–1961
61 File:Francis Lorenz 1961.jpg Francis S. Lorenz Democratic 1961–1963
62 File:William J. Scott, circa 1976 (3x4).jpg William J. Scott Republican 1963–1967
63 File:Adlai III as Illinois Treasurer.jpg Adlai Stevenson III Democratic 1967–1970
64 File:Charles W. Woodford (1).jpg Charles W. Woodford Democratic 1970–1971
65 File:Alan Dixon (3x4a).jpg Alan J. Dixon Democratic 1971–1977
66 File:Donald R Smith 1977.png Donald R. Smith Republican 1977–1979
67 File:Jerome Constentino 1989.jpg Jerome Cosentino Democratic 1979–1983
68 File:James Donnewald 1983.jpg James Donnewald Democratic 1983–1987
69 File:Jerome Constentino 1989.jpg Jerome Cosentino Democratic 1987–1991
70 File:PatQuinnin2006 (a).jpg Pat Quinn Democratic 1991–1995
71 File:Judy Baar Topinka (cropped).jpg Judy Baar Topinka Republican 1995–2007
72 File:Alexi Giannoulias (cropped).jpg Alexi Giannoulias Democratic 2007–2011
73 File:Dan Rutherford with Ray LaHood Cropped v3.jpg Dan Rutherford Republican 2011–2015
74 File:Frerichs June 30 2016.jpg Mike Frerichs Democratic 2015–present

[20] [21] [22]

Proposals to merge with Comptroller

Some observers have perceived an overlap between the offices of Treasurer of Illinois and Comptroller of Illinois, and have therefore proposed constitutional amendments to merge the two offices and earn administrative savings. For example, HJRCA 14, considered by the Illinois General Assembly in 2007-2008, would have merged the two offices into the office of a single State Fiscal Officer.[23]

In 2011, the incumbent Treasurer along with the Comptroller (also former Treasurer) Judy Baar Topinka introduced legislation to allow voters to decide whether the offices should be merged.[24] The legislation was opposed by Michael Madigan, Speaker of the Illinois House of Representatives.[25]

References

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  23. ↑ "House Joint Resolution - Constitutional Amendment 14", accessed April 12, 2008.[1]
  24. ↑ Script error: No such module "citation/CS1".Template:Cbignore
  25. ↑ Script error: No such module "citation/CS1".Template:Cbignore

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External links

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