121 CRMA Report – January 2018

In this issue

·     Resolutions and Ordinances

CITY COUNCIL ORDINANCES AND RESOLUTIONS

 INTRODUCTIONS

 RESOLUTION TO URGE THE CITY’S DISINVESTMENT IN FOSSIL FUEL COMPANIES

Sponsors: Ald. John Arena (45th Ward), Ald. Nicholas Sposato (38th Ward), Ald. David Moore (17th Ward) and 30 Co-Sponsors

Committee: Finance

Citing the negative impacts of global warming and pollution resulting from the burning of fossil fuels, this resolution seeks to engage in a public discussion regarding whether the city should continue to invest in companies that engage in such activity. In addition, it seeks to study the benefits of revising the city’s investment policy so that it only invests in companies that engage in what the sponsors consider to be practices that are environmentally-friendly, are socially responsible and promote good governance. To the extent that investment dollars are dis-invested in companies that do not meet these standards, the city’s Treasurer and the city’s pension funds would re-invest those dollars in such endeavors as green bonds and renewable bonds without abdicating any fiduciary responsibility.

PASSED LEGISLATION

COOK COUNTY RULES ISSUANCE CHANGES

EFFECTIVE DATE: Immediately

This ordinance will reduce the amount of time for posting rules and regulations issued by departments from the current 30 days to 10 days prior to taking effect, but will now require such rules and regulations to be posted on the appropriate department’s website. Unless the Rules Committee of the County Board suggests changes, the rules will be received and filed by the Committee.

The upside is that we are guaranteed that rules will appear in a public, searchable space, the downside is that those affected by the rules aren’t allowed any formal input into the process. This is transparency in name only.

The Chicago City Council is scheduled to meet again on Wednesday,
February 28, 2018 and the Cook County Board is scheduled to meet on Wednesday, February 7, 2018.

CONTACT

Tanya TricheTanya Triche Dawood
Vice President, General Counsel
Illinois Retail Merchants Association
312-726-4600
ttrichedawood@irma.org