Candidates for Illinois treasurer agree on one big change to the office

[November 04, 2022]  By Andrew Hensel | The Center Square

(The Center Square) – The two major party candidates for Illinois treasurer are laying out their plans for the office ahead of next week's election.

Republican Tom Demmer faces off against incumbent Democratic Treasurer Michael Frerichs.

The two separately spoke with The Center Square and discussed issues prevalent in their race for the office.

Frerichs is seeking his third term. If re-elected, Frerichs said he wants to continue his work, including an updated unclaimed property program he implemented in 2015.

"We have returned over one and half billion dollars since I have been Treasurer," Frerichs said. "There are still $3 billion we would like to return. We are going to continue to innovate and work in a bipartisan manner with the General Assembly to return even more money."

Demmer, a state representative from Dixon, has run a campaign focusing on keeping money in taxpayers' pockets.

"The number one thing is I have a different vision for what the state Treasurer's office should do," Demmer said. "I think that as an independent elected statewide official, there is an important role the treasurer to play being a check and balance in state government."

Frerichs said his record stands on its own.

"Other candidates talk a lot. We have done things," Frerichs said. "We have actually been an advocate for Illinois taxpayers helping them to save and make money and helping them put money back in their pockets."

Demmer said that his performance in the statehouse shows how he would work as the state Treasurer.

"I think it is important to have a state Treasurer who is a watchdog for taxpayers and is going to call out the gimmicks and games that happen," Demmer said. "I believe I have a proven record in doing that as a state representative."

For all the views the candidates have given since starting their campaigns, the two have agreed on one issue that has been floated for years: joining the state comptroller's office with the state treasurer's office.

"I have been for this for years. When I was in the state Senate, I voted on a constitutional amendment that would have allowed merging the two offices that passed through the House," Frerichs said. "When I ran for office, I supported it. When I ran for reelection, I supported it, and I still support it."

Demmer shared a similar sentiment on the issue.

"I support combining the offices. I have done more than just talk about it. I have introduced bills in the House and have been a sponsor of these going back many years," Demmer said. "I think there is an opportunity for savings for taxpayers."

Preston Nelson will also be on the ballot representing the Libertarian Party in Illinois.

Nelson didn't return messages seeking an interview. His campaign website offered a statement on why he is running.

"It is a unique opportunity to secure financial well-being for the people of Illinois," Nelson's statement reads. "Politically speaking, it is an especially great opportunity, as the current Democratic administration has overseen one of the worst financial disasters for any state in our nation's history. The current treasurer has lost over a billion of the state's dollars."

An audit released earlier this year indicated the treasurer understated $1.6 billion in financial statements. Frerichs' office accepted the findings of the report, the audit states, and told The Center Square the finding was because of "incomplete information given to our office."

Early voting has already begun in Illinois. The general election is Nov. 8th.

Andrew Hensel has years of experience as a reporter and pre-game host for the Joliet Slammers, and as a producer for the Windy City Bulls. A graduate of Iowa Wesleyan University and Illinois Media School, Andrew lives in the south suburbs of Chicago.