Chicago’s Banker Wants to Defy Trump by Dropping US Treasuries

Chicago Treasurer Melissa Conyears-Ervin on Wednesday proposed the city stop investing in US Treasuries to protest President Donald Trump’s increased immigration enforcement and deployment of troops, drawing criticism from some colleagues who called the plan “reckless.”

During a city council budget committee hearing, Conyears-Ervin said her office, which oversees an investment portfolio of more than $9 billion, will propose to immediately prohibit direct purchases of US Treasury marketable securities. She also plans to seek the council’s approval to shift the portfolio, which includes cash, bonds, commercial paper and money market funds, away from holdings that derive benefits from the $30 trillion Treasuries market, according to a statement.