In the early hours of a quiet October morning last year, residents of the serene Lakeview neighborhood in Chicago’s North Side awoke to the sound of people shouting. It was 4 a.m. and an anti-Israel group was protesting outside the home of Illinois State Treasurer Mike Frerichs, shouting anti-Israel slogans and vandalizing his property with red paint. One woman was yelling threats about his one-year-old twin boys through a bullhorn.
“She was calling out saying she knew that they were at home, knew that they were in their cribs, and they shouldn’t be allowed to sleep,” Frerichs told the Jewish Journal in a recent interview. “There’s a profound difference between peaceful protest and intimidation tactics that bring hostility to my family’s doorstep.”
The October 2024 incident was a response to the treasurer over his office’s investment in Israel bonds—a standard practice for many state investment portfolios across the country. Illinois has invested about $120 million since Frerichs took office in 2015.
The episode marked an escalation in a growing pattern of scare tactics from anti-Israel groups demanding that Illinois divest from all Israeli financial instruments, particularly following heightened tensions in the Middle East since Hamas terrorists attacked Israel on October 7, 2023, and Israel launched a retaliatory offensive in Gaza.
Just a few months before Treasurer Frerichs home was defaced by protesters, the Highland Park home of Rep. Brad Schneider, who represents Illinois’ 10th District, was also the target of an act of vandalism. A group of pro-Palestinian demonstrators gathered in the middle of the night using drums and bullhorns to chant antisemitic, anti-Israel slogans. A month later, in July 2024, the posters of hostages held by Hamas in Gaza (including 8 Americans) that hung outside his Capitol Hill office were found “ripped from the wall, shredded and tossed across the hallway,” Schneider posted to X.
“It’s a punch in the gut,” Schneider told NBC5 Chicago about the incident at Frerichs’ home. “That’s not for persuasion, that’s for intimidation. That’s for scaring and terrorizing the neighborhood.”
Treasurer Frerichs has maintained that his office’s investment decisions are based on sound financial principles rather than political considerations.
“State investment in Israel bonds has been part of Illinois’ diverse portfolio for decades, spanning multiple administrations from both parties,” Frerichs explained. “These bonds consistently offer competitive returns with minimal risk, fulfilling our fiduciary responsibility to Illinois taxpayers.”
“When criticism of investment policy veers into age-old tropes about Jewish financial influence or dual loyalty, we’re no longer in the realm of legitimate policy disagreement,” said Rabbi Pini Dunner. “Unfortunately, we’ve seen protesters using language that draws from this toxic well again and again.”
Rather than retreating, Frerichs has responded by becoming more vocal about the investment policies of his office and the importance of standing against intimidation.
“Public officials must be able to make decisions based on what’s best for their constituents without fear of personal threats,” Frerichs stated during a press conference following the incident. “I won’t be bullied into making financial decisions that would shortchange Illinois taxpayers.”
Frerichs has consistently emphasized that his office evaluates all investments based on three critical factors: security, liquidity, and rate of return. Israel bonds, he notes, have maintained their AAA rating even during periods of regional instability.
“Our investment in Israel bonds makes up a small but important part of our overall diverse portfolio,” said Frerichs. “We made these investments because these bonds consistently provide strong returns and in more than 70 years they’ve never defaulted. This allows us to meet our obligations to the people of Illinois.”
As Frerichs continues his work as State Treasurer, he remains resolute in his approach to managing Illinois’ investments with an eye toward financial responsibility rather than political pressure.
“My door remains open to anyone who wants to discuss our investment strategies,” Frerichs said. “But those conversations must happen in good faith, without threats or intimidation. That’s not just my right as a public official—it’s essential to the functioning of our democracy.”
For now, the Treasurer continues his work with renewed determination, turning what could have been an intimidating experience into a moment of principled resilience.
