A press release from Governor-Elect Bruce Rauner:
Rauners Step Away from Financial Holdings
- Implements Blind Trust Procedures –
- Grants Control of Investments to an Investment Adviser under a Power of Attorney –
- Invokes Ethical Procedures to Comply with State Contracting Laws & Commits to Donate Any Gains from Investments that have Illinois State Contracts –
Governor-elect Bruce Rauner and First Lady-designate Diana Rauner detailed the steps they are taking to step away from control of their financial holdings and maintain the highest ethical standards during their service to the state.
Under terms of the blind trust procedures, the Rauners will:
• Grant Roundtable Investment Partners exclusive power of attorney, giving Roundtable control of every investment, including the buying and selling of assets.
• Implement specific blind trust procedures that direct all company and investment representatives to direct all communications about the company or investment vehicle to the Adviser and not the Rauners.
• Voluntarily commits to donate to charity all gains from investments that have Illinois state contracts.
• Comply with Illinois’ Statement of Economic Interest requirements by instructing the Adviser under the Power of Attorney to provide the Governor-elect with only the information that he is required to examine in order to personally ensure that his Statement of Economic Interests is true, correct, and complete and in compliance with the Illinois Governmental Ethics Act.
“This is the strongest possible structure that both establishes blind trust procedures and allows Bruce and Diana to fully comply with the state’s economic disclosure laws moving forward,” said Rauner spokesman Mike Schrimpf.
“Once in office, they will not be involved in any investment decisions and will have given away decision-making and responsibilities related to their assets and investments to Roundtable Investment Partners. Given state law, which requires annual disclosure of the governor’s assets, this is the most ethical and transparent way to fulfill Bruce’s commitment to avoiding any potential conflicts of interest as governor.”