 State Rep. Jim Durkin, R-West Springs, an outspoken critic of how
College Illinois was marketed and its investments handled, was among
the chorus of legislators calling on Gov. Pat Quinn to nominate new
board members after the news of the weak fund emerged this spring.
"I am expecting the board ... to provide recommendations to me, if
there is a necessity to make changes in state law," Durkin said.
The state Senate Executive Appointments Committee on Wednesday
approved eight nominees for the new Illinois Student Assistance
Commission, or ISAC, with no discussion at a hearing. The
nine-member ISAC advises on investment decisions.
Before Quinn's nominees can be official, the Senate must give its
approval, which could happen as early as next week during the
Legislature's fall veto session.
A number of reports in the media earlier this year, including an
investigation by Illinois Statehouse News, revealed that families
bought into College Illinois, thinking it was backed by the
taxpayers, which it wasn't.
That realization turned to fear when the cost of paying for
tuition began to outpace the program’s funds. Many attribute the
disparity to questionable investments made before the Great
Recession.
Durkin said there needs to be more transparency on how investment
decisions are made, too.
He said he was concerned that no one who was nominated has paid
into the program.
Getting someone on the board who's bought a College Illinois plan
is something Quinn is considering, said Brooke Anderson, a Quinn
spokeswoman.
"The governor is currently considering some strong candidates for
the remaining open slot and expects to name someone soon," said
Anderson in an email.
[to top of second column] |
ISAC's newest board members are:
-
Kym Hubbard,
chairwoman, treasurer and chief investment officer, Ernst &
Young.
-
Mark Donovan, vice
chancellor of administrative services, University of Illinois at
Chicago.
-
Miguel del Valle,
retired.
-
Marina Faz-Huppert,
legislative director, Local 881 United Food and Commercial
Workers.
-
Kendall Griffin,
assistant principal for operations, Niles West High School.
-
Verett Ann Mims,
assistant treasurer, Global Treasury Operations, Boeing.
-
Paul Roberts,
associate provost, Loyola University.
-
Kim Savage, student affairs assistant
program coordinator and assistant to the vice chancellor at the
University of Illinois at Chicago.
[Illinois
Statehouse News; By ANDREW THOMASON]
 |
