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Humanity First for Illinois Statement on Current Market Volatility

FOR IMMEDIATE RELEASE

CONTACT: Adriana Sheehan - media@humanityfirstil.org


Humanity First for Illinois Statement on Current Market Volatility

and the Power of Working Together


CHICAGO – Humanity First for Illinois (HFIL) has watched the recent market volatility concerning Gamestop and other securities and believes that it only reiterates the need for the Economic Equity Act in Illinois. While investment firms and hedge funds manipulate securities markets in New York City and around the world, Illinois’s derivatives-based financial sector remains a secure and transparent market for enacting the Equity Fee. Illinois’s financial innovation over the past 200 years has supported a culture of transparency and resiliency that Illinoisans can depend on to support the progressive shifts that the state needs.


HFIL is a people-powered organization that envisions an Illinois that works for the people, not corporations. In May 2020, HFIL released the Four Points Forward policy platform that calls for leveraging the Illinois financial sector to support progressive change in Illinois to provide a universal basic income for every resident, tuition-free post-high school education, and a green future for the state. Additionally, the Four Points Forward platform calls for democratic reform to amplify the voice of the people over corporations and special interest groups.


HFIL believes in building an economy that works for all Illinoisans, not just the rich. In January 2021, HFIL released its plan for the Economic Equity Act, legislation that would create a state-owned investment fund to finance the progressive changes that Illinois needs. When enacted, the Economic Equity Act would create the Equity Fee, which would be placed on every financial derivative contract traded through Illinois-affiliated exchanges, firms, and brokers. After less than 8 minutes of trading on any given day, a fee of less than 1/10 of 1% can raise 650,000 Illinoisans out of poverty permanently and ensure economic equity for future generations.


HFIL believes in a market system that works for all traders, not just hedge funds and investment firms. As HFIL watches the power of individual investors active in the market, the organization is reminded that it is only through working together that change can occur. An economy that works for everyone is not something that can be built overnight - It is something that takes time, dedication, and hard work. Humanity First for Illinois is committed to doing just that - and HFIL welcomes anyone who aligns with that vision to join the Humanity First for Illinois Team in the movement to build a better Illinois, together.


About Humanity First for Illinois: Humanity First for Illinois is a grassroots, people-driven political organization fighting for Humanity First initiatives in Illinois and for candidates up and down the ballot who will fight with us at the local, state, and federal levels. We believe that when WE the People have the power, great change can be made. Humanity First for Illinois is not authorized by any candidate or candidate committee.


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