Michael Frerichs projected to win third term as Illinois treasurer

Joanna Hou, Assistant Design Editor
November 8, 2022

Illinois voters chosen Michael Frerichs (D) because the state treasurer for the third time on Tuesday. 

Frerichs, who was first elected to the place in 2014, received with about 56% of the vote and 59% of votes counted. Opponent Tom Demmer (R) got here away with about 42%, and Libertarian Preston Nelson took third with about 2.2%.

The treasurer is Illinois’ Chief Funding and Banking Officer, accountable for investing the state’s cash –– together with native items of presidency. Although Frerichs does the investing, the place he is ready to make investments is dictated by state legislation from the Illinois Normal Meeting. 

Throughout his two phrases as treasurer, Frerichs has made an influence by means of packages like Safe Alternative, which has helped 1.2 million private-sector staff within the state work towards a retirement plan. In 2019, his involvement within the Unclaimed Property Program helped return $239 million in forgotten money to people, non-profits and employers in 2019.

Within the legislature, he has pushed for various gasoline utilization and tried to assist cut back schooling funding disparities throughout the state. 

Frerichs has additionally advocated for school financial savings plans, establishing monetary schooling initiatives and smoothing out the retirement course of. 

He’s a Yale graduate and has served as a volunteer fireman. He at present resides in Champaign. 

This can be a growing story, and will likely be up to date as extra data turns into out there.

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— Incumbent Gov. J.B. Pritzker projected to win gubernatorial race

— Former State Treasurer Alexi Giannoulias wins Illinois Secretary of State Election