Gov. J.B. Pritzker Vetoes Bill Allowing Investment Vehicle for Nonprofits and Labor Groups
The three-page measure would have let the treasurer manage the pooled fund using the same strategies applied to state treasury investments. Backers said that structure could reduce fees and deliver stronger returns than many nonprofits can access today.
Reactions from Supporters and Critics
Labor unions, nonprofit groups, and several state Democrats criticized the veto, arguing the pool was a timely tool as these organizations face increasing financial pressure from federal developments in Washington.
Governor's Justification for Veto
Pritzker defended his decision by pointing to concerns about extremism. He said the legislation raised the risk that the pooled account could be misused or accessed by organizations tied to extremist views, and that the state must avoid enabling such outcomes.
Counterarguments and Future Steps
Supporters of the bill disputed that assessment, saying safeguards could be built and that the potential financial benefits for charities and unions were substantial. They argued the treasurer’s oversight would provide s...