Emanuel Defends Studying Pension-Bond Idea

Craig Dellimore
August 30, 2018 - 6:00 am
Chicago City Hall

CHICAGO (WBBM NEWSRADIO) -- Mayor Emanuel is defending a controversial Pension Obligation Bond plan.

On a stroll Wednesday along Chicago’s Riverwalk, Emanuel confirmed he’s considering the sale of more than $10 billion in pension bonds, an idea that’s drawn fire from his mayoral challengers and raised questions among some aldermen.

“I’ve asked my staff to explore all options to achieve the goals of retirement security without overburdening our taxpayers." he said. “It would be equally reckless not to explore options, to avoid a significant tax increase when you can minimize that and shore up peoples’ pensions. If we didn’t do that, we wouldn’t be doing our jobs.”

The mayor said no final decision has been made.

Among the critics of the idea is mayoral challenger Paul Vallas, who says the bond plan could have a “catastrophic” impact.