• RSS News – Lou Lang

    • This RSS feed URL is deprecated January 21, 2018
      This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
    • Gambling expansion in Illinois no sure bet - The State Journal-Register January 14, 2018
      The State Journal-RegisterGambling expansion in Illinois no sure betThe State Journal-RegisterLou Lang, D-Skokie. “If this is going to be a viable legal business, we don't want to be behind 30 other states who have legalized it.” Lang, though careful not to stake out a position, said the legislature will likely hold committee hearings on the ...and more […]
    • Lawmakers to discuss legalizing sports betting - IllinoisHomePage.net January 9, 2018
      IllinoisHomePage.netLawmakers to discuss legalizing sports bettingIllinoisHomePage.netILLINOIS (WCIA) -- Look out sports fans, your team's next big win could get even more exciting. That's because the state may let you earn some winnings, legally. Lawmakers could be putting sports betting on the table. But the proposition has just been ...
    • Action Ridge group talks Equal Rights Amendment support in Park Ridge - Chicago Tribune January 9, 2018
      Chicago TribuneAction Ridge group talks Equal Rights Amendment support in Park RidgeChicago TribuneThe meeting, held by the local social outreach group Action Ridge, featured a presentation by Eden Nissani, outreach coordinator for Democratic State Rep. Lou Lang, a long-time sponsor of the Equal Rights Amendment bill in the Illinois House. Nissani ...and mor […]
    • State's Opioid Action Plan proposes solutions. But does it go far enough? - Belleville News-Democrat December 23, 2017
      Belleville News-DemocratState's Opioid Action Plan proposes solutions. But does it go far enough?Belleville News-DemocratSpeaking for the governor's office, Sanguinetti took issue with Lang's assessment. “We're hoping not to go the political route like it seems Lou Lang wants to,” she said. “There is enforcement, and we respectfully disag […]
    • Illinois Sports Betting Bill Surfaces As Interest Ramps Up Across The US - Legal Sports Report January 4, 2018
      Legal Sports ReportIllinois Sports Betting Bill Surfaces As Interest Ramps Up Across The USLegal Sports ReportWhat we know so far about the Illinois sports betting effort. H 4214 is just a placeholder bill for now, but the intent appears to be to fill it with language that would regulate sports wagering in the state. The bill, sponsored by Rep. Lou Lang ...
    • Illinois Legislature ethics commission under fire for neglecting complaints - Illinois News Network January 6, 2018
      Illinois News NetworkIllinois Legislature ethics commission under fire for neglecting complaintsIllinois News NetworkTerry Link, D-Vernon Hills, Chairman, state Rep. Norine Hammond R-Macomb, state Sen. Cristina Castro, D-Elgin, state Rep. Chad Hays, R-Catlin, state Sen. Michael Connelly, R-Lisle, state Rep. Lou Lang, D-Skokie, state Sen. Karen McConnaughay, […]
    • This Week In Sports Law: NFL Concussion Attorney Fees, Corey Coleman Sued, Brady's Agent's Conflict - Forbes January 7, 2018
      ForbesThis Week In Sports Law: NFL Concussion Attorney Fees, Corey Coleman Sued, Brady's Agent's ConflictForbesIllinois State Representative Lou Lang has filed a sports betting bill within the state that, like other states discussing such legislation, has no true effect on the ability to engage in sports betting unless there is a change first at th […]
    • What's happening in Park Ridge: Action Ridge meets to talk Equal Rights Amendment - Chicago Tribune January 2, 2018
      Chicago TribuneWhat's happening in Park Ridge: Action Ridge meets to talk Equal Rights AmendmentChicago TribuneAction Ridge, a Park Ridge-based group dedicated to social causes, will meet Monday to discuss the Equal Rights Amendment and how to support ratification in Illinois, the group announced. The meeting, which is open to the community, will take p […]
    • Ethics group under fire for 'neglecting' complaints - Jacksonville Journal-Courier January 7, 2018
      Jacksonville Journal-CourierEthics group under fire for 'neglecting' complaintsJacksonville Journal-CourierLou Lang, D-Skokie; state Sen. Karen McConnaughay, R-St. Charles; and state Rep. Arthur Turner, D-Chicago. In the three years of vacancy, dozens of complaints piled up. Porter recently told the commission that only 10 were valid. She suggested […]
  • RSS Blogs – Lou Lang

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Lang, Durkin Push Illinois Investment Board to Conduct Independent Investigation of College Illinois! Investment Losses

(Springfield, IL) — April 18, 2011. A recent state audit revealed one of the state’s “low-risk” prepaid tuition programs is underfunded by 31 percent and wasted millions on “risky” investments last year. But state legislators say there is more to uncover.

House lawmakers this week unanimously adopted a resolution calling for an investigation into the investment practices of the state’s College Illinois. Families make payments to “lock in” present rates to pay for future tuition at Illinois colleges or universities, according to its website.

Approximately 55,000 students participate statewide.

State Rep. Jim Durkin, R-Western Springs, is chief sponsor of House Resolution 174. He invested in a 15-year contract with the program for his 9-year-old daughter.

“I thought it was a good, safe investment,” Durkin said, “… to ensure that my daughter would have an affordable education available for her by the time she graduates from high school.”

The office of Illinois Auditor General William Holland released a report last week raising red flags about the Illinois Student Assistance Commission’s investment losses and questionable business practices concerning College Illinois.

The audit found that ISAC in 2008 invested $12.7 million in Chicago-based Shorebank, despite concerns about the bank’s financial health. When federal regulators closed the bank in 2010, the original investment was worthless.

Also, College Illinois had a deficit of $338 million on June 30, and a deficit of $342 million in 2009.

An investigation would help ensure the program lives up to its marketing as “low-risk,” Durkin said.

“We need to restore confidence in the parents who have made these investments for their children and grandchildren,” Durkin said.

The audit revealed officials invested in “virtually all stocks and bonds” in 2009, but by January 2011, had shifted $419 million of its investment portfolio into “riskier alternatives,” like hedge funds, real estate and private equity, according to the resolution.

The resolution calls for the Auditor General’s office to conduct a management audit into the program’s administrative operations and its recent cost growth. Auditors would determine the program’s overall risk, whether funds are safe and available in the future. It would also compare the program’s investment portfolio to similar programs in Washington state, Michigan, Virginia and Florida.

State Rep. Lou Lang, D-Skokie, a co-chief sponsor of the resolution, said the new audit would help to ensure college investments are available in the future. Lang also invested in the program for his daughter, who is now in college.

“We are going to take care of these college savings,” Lang said, “and make sure that the money is there to send our kids to college, especially when it is so expensive now.”

State Rep. Chad Hays, R-Catlin, asked parents to be patient until further investigation into the program.

“As we go forward in conjunction with our universities,” Hays said, “my hope is that people will have renewed confidence in the entire fund, as we see this thing through.”

Andrew Davis, ISAC’s executive director, said during this week’s House Executive Committee meeting that the commission agrees to cooperate with the review.

“We do believe it is the right thing to do at this point to give assurance to all the families in the state and to the legislators who are responsible, ultimately, for our oversight that the program is in good shape, which it is,” Davis said. “And so we welcome this opportunity to have a public examination of our track record.”

The Auditor General’s office is expected to submit its findings to the Illinois Legislature and the governor by Jan. 15.

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