* I told subscribers about this development last week and WUIS picked it up today. Gov. Pat Quinn’s been hoping to starve out legislators until they pass pension reform by vetoing their salaries, but some now qualify for zero-interest loans on up to half their vetoed paychecks…
At least one financial institution - Credit Union 1, based in Rantoul - says it’ll help. President Paul Simons says the credit union will give legislators who are members zero-interest loans worth half their paychecks.
“Obviously we don’t want to get into the middle of any dispute between the Governor and the legislators, our intent is just to take care of our members.”
Simons says legislators aren’t getting special treatment - the credit union’s done it since the early ’90s, for striking union members, and state employees.
He says it was in place when it looked like state workers wouldn’t get paid in 2007 when a previous General Assembly and Governor were feuding over state spending, though a budget passed before it got to that point.
Legislators who are not Credit Union One members can also apply for loans, but at a much higher rate and with a credit check.