City Club of Chicago: Illinois State Treasurer Michael Frerichs
September 18, 2018
Hon. Michael Frerichs – State of Illinois – Treasurer
Hon. Michael Frerichs
Michael Frerichs was elected Illinois State Treasurer in November 2014. In Illinois, the Treasurer’s office predates the state’s incorporation in 1818. Voters in 1848 chose to make it an elected office. Frerichs is the 74th person to serve in this role.
In Illinois, the Treasurer is the state’s Chief Investment Officer and Frerichs is a Certified Public Finance Officer. The office invests money on behalf of the state and local units of government. Frerichs also believes in providing individuals with the tools so that they can invest in themselves.
Since taking office, Frerichs has made significant strides in the fight for consumers by making sure Illinois residents get what is owed to them through the Unclaimed Property Program. A record-breaking $159 million in forgotten cash and stock was returned to individuals, employers, and non-profits in Fiscal Year 2017. By making changes to the Bright Start and Bright Directions College Savings Programs, Mike has lowered fees and provided more investment options, making college more affordable for families saving for their child’s future.
Frerichs was born in the Downstate farming community of Gifford, Illinois. He graduated from Yale University and spent two years in Taiwan where he taught English to young students and learned to speak Chinese. He returned to Champaign County and launched his own technology business. He was elected to the Champaign County Board and elected Champaign County Auditor. He also served as a volunteer firefighter.