* 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.
- langhorne - Monday, Jul 29, 13 @ 10:05 am:
PQs behavior is repugnant, and sets a very bad precedent. good for CU 1.
- OneMan - Monday, Jul 29, 13 @ 10:14 am:
Was talking about this with my wife this weekend, I remembered that the bank in DeKalb did this for the NIU employees during some funding fight…
- Empty Chair - Monday, Jul 29, 13 @ 10:16 am:
President Paul Simon(s)? Sheila, quick, photo-op!
- OneMan - Monday, Jul 29, 13 @ 10:21 am:
Actually EC, makes you wonder, is Sheila’s salary being held back as well?
Wonder if anyone asked her if it should be?
- Dave Victor - Monday, Jul 29, 13 @ 10:30 am:
It would only make sense that IL legislators live pay check to pay check at best.
- StringerBell - Monday, Jul 29, 13 @ 10:39 am:
Not a fan of PQ’s publicity stunt, but it would’ve been funny if the Credit Union offered the same increasing interest rates that the state pays when it borrows money.
- Stones - Monday, Jul 29, 13 @ 10:48 am:
If that many of our legislators are actually living paycheck to paycheck, and are in need of a bridge loan until this get sorted out, that tells me a lot.
- Oswego Willy - Monday, Jul 29, 13 @ 11:37 am:
@FakeJasonPlummer - Attention Illinois Legislators, Dad say to give you all loans too, just pay it back after you “Pass Go” twice, or give us one of your Railroads. #FreeParkingPotIsFullToo
- lincolnlover - Monday, Jul 29, 13 @ 11:56 am:
As a long time state employee, there have been several times when my paycheck was in question, come July 1. Each time, Credit Union 1 made this same offer and, although I never had to take them up on it, it was nice to know it was there. Thanks, CU1!
- Hamilton - Monday, Jul 29, 13 @ 1:11 pm:
I would take advantage of this loan especially if I didn’t need the money. 0% is free money and it doesn’t take much thought on how to put it to work.