During a Thursday morning protest, Illinois home care and child care providers demanded that Big Banks return the profits they made through "toxic" interest rate swaps with the state.
The caregivers, represented by SEIU* Healthcare Illinois, protested at a Chase bank branch on the South Side. They were joined by parents, care recipients and community supporters.
The group called "for both the bank and Governor Rauner to take immediate action to stop the flow of taxpayer dollars into bank profits--so the funds can instead be invested in home care, child care and other crucial state programs."
The Rauner administration recently announced the state had renegotiated the swap deals it has with banks. The administration said the negotiations produced "better terms for Illinois' taxpayers, which have reduced our financial exposure and increased our ability to direct the state's limited resources to education and social services."
SEIU Healthcare Illinois had this to say about the developments involving the state's interest rate swaps: "Governor Rauner's recent announcement that his administration has made a new set of deals with the banks that delays a larger payout temporarily, while acknowledging his responsibility for fixing these deals, is far too little and seems intended only to appease public pressure while ensuring that big banks continue to reap extreme profits from these deals."
"It's time that he puts the interests of Illinoisans above the interests of bankers by pressuring the banks publicly to return the money these banks have taken from us through the toxic swap deals," the union added in a statement.
*The SEIU Illinois Council sponsors this website.