Stadelman reacts to Stellantis decision to 'idle' Belvidere plant
State Senator Steve Stadelman released the following statement today regarding the decision by Stellantis to idle its Jeep Cherokee assembly plant in Belvidere:
"Stellantis' announcement is difficult news for the Rockford region, but discussions between the state and the company continue to find a future product and identify opportunities to repurpose the plant that for decades has been a source of good jobs and financial security for thousands of local families."
Senator Stadelman sponsored the historic Reimaging Electric Vehicle Act last year and a second round of incentives during veto session this year, both aimed at recruiting EV manufacturers and suppliers to Illinois and providing state resources for Illinois automakers to retool and stay.
Stadelman-supported legislation replenishes unemployment trust fund, prevents premium hikes and benefit rollbacks
Governor JB Pritzker on Thursday signed historic bipartisan legislation to pump $1.8 billion into the state's Unemployment Insurance Trust Fund, which was drained during the 2020 economic shutdown caused by the COVID-19 pandemic.
State Senator Steve Stadelman praised the legislation as the result of "bipartisan cooperation and more than a year of earnest negotiations" between labor groups and businesses. He said the legislation prevents the state from having to drastically hike insurance premiums charged to employers over the next several years and likely coinciding with a reduction in benefits to unemployed workers.
The crushing demands of pandemic took the UI trust fund from a $1 billion-plus reserve to a $4.5 billion deficit and forced Illinois into federal borrowing under Title XII of the Social Security Act.
Under the legislation, $1.36 billion will fund a third and final payment on the federal loan debt and the remaining $450 million will be added to the trust fund as an interest-free loan. Payments on that interest-free loan will, in turn, be routed into the state's Budget Stabilization ("Rainy-Day") Fund over the next 10 years.
Stadelman called the UI loan repayment another important step in putting Illinois' financial house in order. More than $1 billion in investments in a Rainy-Day Fund that had plummeted as low as $60,000 is a key factor in six credit upgrades Illinois has earned since 2019 from S&P Global and Fitch, he noted.
"I'm proud of the enormous strides we've made over the past four years to restore fiscal stability after the frustrating period of budget stalemates and bill backlogs that came before," Stadelman said. "The taxpayers of Illinois want to see more efforts like this where everyone comes to the table and common-sense solutions occur."
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Steve Stadelman
December 6 at 7:16 PM
Congratulations to Einar Forsman on his upcoming retirement as the first CEO of the Greater Rockford Growth Partnership after leading the Rockford Chamber of Commerce since 2007. Dave Syverson and I jointly sponsored an Illinois Senate proclamation, presented to Einar this evening during a farewell reception at Prairie Street Brewhouse. The proclamation recognized Einar's many years of distinguished service including his tenure as Rockford City Administrator under former mayors Charles Box and Doug Scott.
Steve Stadelman
December 3 at 1:09 PM
Great turnout and great weather for Belvidere Hometown Christmas!!
