Welcome to March and Women’s HERstory Month. DCEO has begun our exciting month of celebrating and elevating HER story. See below for details. We have also announced our Regional Planning to Spur Economic Recovery (RISE) program this week. This program offers competitive grants to help local governments and economic development organizations create new regional or local plans to promote economic recovery from the COVID-19 pandemic. More details on this program and an upcoming technical assistance session are below. Make sure to check out our social media throughout the month as we highlight businesses in honor of Women’s HERstory Month and provide more program updates. As always, please reach out with any questions. Don’t forget to “spring” forward this weekend. Daylight Savings time begins on Sunday.
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Treasurer’s Note - Helping Ukraine
Vladimir Putin’s unprovoked, immoral, and unjustified invasion of neighboring Ukraine must not stand.
Certainly, this premeditated invasion imperils all of Europe and stokes fears not felt since World War II. Putin’s aggression has global implications.
The instability Putin needlessly created can be seen right here at home in the eyes of our neighbors: The Ukrainian Village in Chicago is home to the third largest Ukrainian population in the world.
Why did Putin do this? It is difficult to understand a madman.
Since Putin launched this brutal and senseless attack, we have been bombarded with questions on how this despotic behavior touches Illinois and its finances.
The United States, and we in Illinois, must not tolerate Putin’s war on a sovereign nation. He must be stopped immediately and punished for the pain and suffering he is inflicting upon the Ukrainian people, as well as his own citizens in Russia. We must do our part to ensure this aggression is repelled and is never allowed to occur again.
Together, with our strength, I am confident we can do so.
Sincerely,
Michael W. Frerichs
Illinois State Treasurer
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Update from the US Department of Labor Newsletter
Davis-Bacon update proposed after 40 years
For the first time in 40 years, we’re proposing comprehensive updates to the Davis-Bacon Act, which would speed up prevailing wage updates, improve efficiency and ensure prevailing wage rates keep up with actual wages. Updating these regulations will ensure workers on federal projects are being paid fairly, and help contractors recruit and retain skilled workers as we rebuild America.
Report: Stifling competition hurts workers
A new Treasury report found that corporate concentration and anti-competitive practices – such as requiring noncompete agreements and misclassifying employees as independent contractors – have stifled wages for workers and reduced their power in the marketplace. Secretary of Labor Marty Walsh joined a White House roundtable this week to discuss the report’s findings with workers who have experienced anticompetitive barriers firsthand.
A crypto-caution for 401(k) plan fiduciaries
Cryptocurrency has gained popularity and notoriety, but the market’s development is still uncertain. Our new guidance on 401(k) plan investments in cryptocurrencies warns fiduciaries about potential risks to the retirement savings of America's workers and their families.
Deputy Undersecretary of Labor for International Affairs Thea Lee met with President Felix Tshisekedi and others last week to discuss strengthening and enforcing workers’ rights, especially in the minerals sector. It was the first visit by a high-level Department of Labor official to the Democratic Republic of the Congo in nearly 20 years.
Creating good infrastructure and transportation jobs
Secretary Walsh and Secretary of Transportation Pete Buttigieg this week announced a partnership to promote the creation of good infrastructure and transportation jobs with a focus on equitable workforce development using funding from the Bipartisan Infrastructure Law. The Department of Labor is also partnering with the Trucking Alliance to promote apprenticeship as a pathway to lucrative driving jobs.
In 2021, we recovered more than $230 million for more than 190,000 workers. Yet thousands of dollars remained unclaimed because employees changed jobs, moved or changed their name. This tool can help us find them.
We’re strengthening our partnership with the U.S. Department of Justice’s Antitrust Division to protect workers from employer collusion, ensure compliance with labor laws, and promote competitive labor markets and worker mobility.
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