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Grassroots Collaborative

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Quick Hit
by Ellyn Fortino
3:07pm
Thu Jul 7, 2016

Chicago Activists, Lawmakers Deliver Petitions To SEC For Action On 'Toxic' Interest Rate Swaps (VIDEO)

Chicago community activists and local elected officials delivered 88,000 petition signatures to the U.S. Securities and Exchange Commission's (SEC) regional office Thursday morning, urging the agency to investigate complex financial agreements called interest rate swaps.

Those who delivered the petition signatures, collected online by the Grassroots Collaborative and several other organizations, say cash-strapped local and state governments are being squeezed by the "toxic swaps" they entered into with banks before the Great Recession. The complicated deals, which come with hefty penalties and termination fees, were intended to save taxpayer-backed organizations money, but they backfired when the economy crashed.

PI Original
by Ellyn Fortino
8:01pm
Thu Apr 14, 2016

Fight For $15 Ralliers Take Aim At McDonald's, Ken Griffin & Bank Of America (VIDEO)

The Fight for $15 campaign came out in force Thursday night to protest against McDonald's, Bank of America and Illinois billionaire Ken Griffin. Progress Illinois provides highlights from the downtown demonstration. 

PI Original
by Ellyn Fortino
7:30pm
Wed Jan 27, 2016

Rauner's State Of The State Address Sidesteps Illinois' Blaring Fiscal Problems, Critics Say

Republican Gov. Bruce Rauner delivered his second State of the State address Wednesday, during the seventh month of the state budget impasse. Progress Illinois provides highlights from Rauner's speech and rounds up reaction to his agenda for the state.

PI Original
by Ellyn Fortino
3:25pm
Tue Jan 19, 2016

Report: Illinois Interest Rate Swap Deals Squeezing State Budget

Progress Illinois details the findings of a new report from the ReFund America Project about the financial costs associated with the state's interest rate swap agreements. 

PI Original
by Ellyn Fortino
4:35pm
Wed Oct 28, 2015

Chicago City Council OK's Budget, Record Property Tax Hike & Lucas Museum

Progress Illinois rounds up the action at Wednesday's Chicago City Council meeting, during which aldermen approved Mayor Rahm Emanuel's 2016 budget — including a $588 million property tax hike — and zoning for the proposed Lucas Museum of Narrative Art.

PI Original
by Ellyn Fortino
7:26pm
Fri Oct 23, 2015

New Accounting Rule Requires Cities, States To Disclose Tax Break Costs

Cities and states will have to disclose information about tax abatement agreements under new accounting standards issued in mid-August. Progress Illinois takes a closer look at the Governmental Accounting Standards Board's first-ever reporting requirements on the issue.

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