Michael Frerichs projected to win third term as Illinois treasurer


Illustration by Olivia Abeyta

Incumbent Toni Preckwinkle was re-elected as Cook County 2022 Board of Commissioners President with 66.6% of the vote Tuesday evening.

Joanna Hou, Assistant Design Editor

Illinois voters selected Michael Frerichs (D) as the state treasurer for the third time on Tuesday. 

Frerichs, who was first elected to the position in 2014, won with about 56% of the vote and 59% of votes counted. Opponent Tom Demmer (R) came away with about 42%, and Libertarian Preston Nelson took third with about 2.2%.

The treasurer is Illinois’ Chief Investment and Banking Officer, responsible for investing the state’s money –– including local units of government. Though Frerichs does the investing, where he is able to invest is dictated by state law from the Illinois General Assembly. 

During his two terms as treasurer, Frerichs has made an impact through programs like Secure Choice, which has helped 1.2 million private-sector workers in the state work toward a retirement plan. In 2019, his involvement in the Unclaimed Property Program helped return $239 million in forgotten cash to individuals, non-profits and employers in 2019.

In the legislature, he has pushed for alternative fuel usage and tried to help reduce education funding disparities across the state. 

Frerichs has also advocated for college savings plans, establishing financial education initiatives and smoothing out the retirement process. 

He is a Yale graduate and has served as a volunteer fireman. He currently resides in Champaign. 

This is a developing story, and will be updated as more information becomes available.

Email: [email protected]

Twitter: @joannah_11

Related Stories: 

Evanston becomes first city in Illinois to adopt ranked-choice voting

Incumbent Gov. J.B. Pritzker projected to win gubernatorial race

Former State Treasurer Alexi Giannoulias wins Illinois Secretary of State Election