Chicago City Treasurer Melissa Conyears-Ervin has announced a plan to stop purchasing U.S. Treasury securities as part of the city’s investment portfolio, citing recent federal actions that she describes as harmful to Chicago residents.
In an article published on November 17, 2025, Conyears-Ervin stated, "What is happening is not normal, and pretending it is will not age well in the history books. Our constituents will remember who stood up when it mattered and who didn’t." She explained that her office developed this strategy while preparing the city’s budget for review by the City Council.
Conyears-Ervin outlined her approach: "This boycott and divestment plan is simple and targeted. First, we immediately stop making new, direct purchases of U.S. Treasury marketable securities. Second, with approval from the City Council, we will explore reducing our indirect exposure by adjusting our holdings in money market funds and other instruments that derive their value from Treasurys."
She emphasized that these changes are temporary and lawful adjustments designed to maintain safety, liquidity, and competitive returns for taxpayers. According to Conyears-Ervin, "The city of Chicago will not invest in a federal administration that is using the power of government to terrorize us." She referenced incidents involving federal agents in local neighborhoods as reasons for this response.
Some members of the City Council have raised concerns about the move. Alderman Raymond Lopez called it “reckless,” while others highlighted the traditional security of Treasury investments. In response, Conyears-Ervin noted that other high-quality options exist: "We can and do invest in agency securities. We can and do invest in investment-grade corporate bonds. We can and do invest in municipal bonds, mortgage-backed securities and fully secured cash vehicles."
She also addressed questions about transparency and process: "The municipal code gives me authority to adopt and amend our investment policy... but the next phase of this plan requires council approval. I’ve already begun those conversations, and changes will be reported publicly...and voted on after an open debate."
Conyears-Ervin concluded by framing her decision as both fiscally responsible and consistent with her values: "My first obligation is to keep your money safe and accessible. But I will not separate that obligation from our moral responsibility to ensure that our own dollars are not weaponized against us."
Conyears-Ervin currently manages nearly $11 billion in taxpayer funds for Chicago and has previously led efforts to divest from fossil fuels while maintaining competitive returns.
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