Bill Text: IL HB5574 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Illinois Governmental Ethics Act. Provides that in lieu of filing a statement of economic interests, members of the General Assembly and executive branch constitutional officers may enter into a blind trust. Provides that any elected official choosing to set up a blind trust shall submit documentation to the Secretary of State attesting to the creation of a blind trust on his or her behalf, and confirming his or her intent to do so in lieu of filing a statement of economic interests. Defines "blind trust".

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB5574 Detail]

Download: Illinois-2017-HB5574-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB5574 Introduced , by Rep. Stephanie A. Kifowit SYNOPSIS AS INTRODUCED:
5 ILCS 420/4A-109 new
Amends the Illinois Governmental Ethics Act. Provides that in lieu of filing a statement of economic interests, members of the General Assembly and executive branch constitutional officers may enter into a blind trust. Provides that any elected official choosing to set up a blind trust shall submit documentation to the Secretary of State attesting to the creation of a blind trust on his or her behalf, and confirming his or her intent to do so in lieu of filing a statement of economic interests. Defines "blind trust".
LRB100 18148 RJF 33343 b
A BILL FOR
HB5574 LRB100 18148 RJF 33343 b
AN ACT concerning government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Governmental Ethics Act is amended
by adding Section 4A-109 as follows:
(5 ILCS 420/4A-109 new)
Sec. 4A-109. Blind trust.
(a) In lieu of filing a statement of economic interests as
required under this Article, members of the General Assembly
and executive branch constitutional officers may enter into a
blind trust.
(b) Any elected official choosing to set up a blind trust
as provided under subsection (a) shall submit documentation to
the Secretary of State attesting to the creation of a blind
trust on his or her behalf, and confirming his or her intent to
do so in lieu of filing a statement of economic interests under
this Article.
(c) For the purposes of this Section, "blind trust" means a
trust in which the trustee has full discretion over the assets,
and the trust beneficiary has no knowledge of the holdings of
the trust, and is prohibited from communicating with the
trustee on investment and other business matters.