City Club of Chicago: Illinois State Treasurer Michael Frerichs
April 19, 2017
Hon. Michael Frerichs – Treasurer – State of Illinois
Hon. Michael Frerichs
Michael Frerichs was elected Illinois State Treasurer in November 2014. A Certified Public Finance Officer, Frerichs acts as the state’s Chief Investment Officer.
The Treasurer’s Office invests money on behalf of the state and local units of government, actively managing approximately $25 billion. The investment approach is cautious to ensure the preservation of principal, yet the investment returns are significant—for every $1 spent to run the office, Frerichs nets $28 for the state’s residents.
Frerichs also believes in providing individuals with the tools to invest in themselves. He does this by encouraging savings plans for college and trade school, increasing financial education among all ages, removing barriers to a secure retirement, and protecting residents from predatory companies.
After less than a year in office, Frerichs was elected by his peers across the country to serve on the Executive Committee of the National Association of State Auditors, Comptrollers and Treasurers. Frerichs also assists the National Association of State Treasurers as the Vice Chair of its Legislative Committee, and he is a Trustee of the Illinois State Board of Investment.
Previously, Frerichs represented the 52nd District in the Illinois State Senate. First elected in 2006, Frerichs served as Chairman of the Higher Education Committee—where he championed efforts to make college more affordable—and as Chairman of the Agriculture and Conservation Committee. Prior to serving in the Senate, Frerichs was elected to the Champaign County Board and as Champaign County Auditor
Frerichs was born in the Downstate farming community of Gifford, Illinois. After graduating from Yale University, he spent two years in Taiwan where he taught English to young students and learned to speak Chinese. Upon returning to Champaign County, he launched his own technology business and was a volunteer firefighter. Today, Frerichs lives in Champaign with his young daughter, Ella.