A group of Chicago aldermen proposed a package of ordinances Wednesday to generate revenue for the city's cash-strapped public schools.
The Chicago Public Schools (CPS) district has a $300 million budget gap, and schools are reportedly facing a 7 percent funding cut in the upcoming academic year.
"We've received some money from the state, but it's just not enough," Ald. Roderick Sawyer (6th) said at a press conference before the council meeting with fellow aldermen, the Chicago Teachers Union and other education advocates.
"We need to find more progressive and more viable solutions to increase revenue so that all of our schools can be adequately financed, so that we can give quality teachers an opportunity to teach in our schools," he continued. "When I had a conversation with a principal yesterday, she was perplexed that she could not hire a 20-plus year veteran school teacher because she could not afford it. That's not right."
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.