The House and Senate both passed versions of a bill to authorize the state treasurer to set up and operate an investment fund that would manage the deposits of nonprofit corporations.
The idea is an initiative of State Treasurer Michael Frerichs, who has said the fund would offer higher rates of return than banks offer through standard checking or savings accounts and greater liquidity than long-term investment funds.
Lawmakers passed similar legislation last year, but Governor JB Pritzker vetoed it, saying such a fund could be used to benefit extremist groups that organize as nonprofit corporation
