7am News, Sports and Obits
Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
State Treasurer Wants More Technology Investment
(IRN)-State Treasurer Dan Rutherford says doubling the amount of money the state invests in technology companies is both a wise investment choice, and a way to create jobs in Illinois. “"he entire market was down to the extent that the state’s investment portfolio was lower, but we made more money off of the venture fund than we did the general investment portfolio," said Rutherford. "We are very risk averse as the Treasurer, but we’re also looking to try to have the best return we can. And that’s why we’ve seen this happen now and we’re going to move this forward."

A bill that will allow Rutherford to invest twice as much in technology companies moved forward Wednesday, after passing a Senate committee. In 2004, then-Treasurer Judy Baar Topinka first started investing about one percent of the state’s portfolio into venture-type companies.

State Senator Dan Kotowski (D-Park Ridge) is the sponsor of the bill, and he says this will create more jobs. "By increasing this by an additional $75 million is going to lead to several million more in investment, probably another half a billion investment in the state of Illinois and create several thousand more jobs," said Kotowski.

Rutherford says investments in Illinois venture firms have thus far created between 1,200 and 1,600 jobs in the state.

SB 107 has passed the Senate State Government and Veterans Affairs Committee.

(Source: Illinois Radio Network)
02 10 11 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.