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JPMorgan Chase Deploys First $10 Million of Chicago Investment
Other
Wednesday, November 22, 2017  |   Article  |   Business Wire
Chicago (16) , Economic Development (35)
Initial investments focused on creating economic opportunity through job training, revitalizing neighborhoods, small business expansion and financial health

CHICAGO--(BUSINESS WIRE)-- JPMorgan Chase & Co. today announced that it has deployed the first $10 million of its $40 million, three-year investment to create economic opportunity in Chicago’s underserved neighborhoods. These initial investments are focused on the city’s South and West sides and committed to preparing people for in-demand careers, helping small businesses expand, revitalizing neighborhoods, and improving financial health.

"There is hope for solving Chicago’s greatest challenges if business, civic and nonprofit organizations are willing to work together and focus their investments where it is needed most,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “The collaboration we’ve seen thus far is exciting, and it gives us the confidence to make these investments. We look forward to seeing what impact it can have on creating a prosperous and more hopeful future for Chicagoans on the South and West sides.”

Through these investments, JPMorgan Chase is collaborating with local business, government and nonprofits partners such as Boeing, the Blackstone Charitable Foundation and the Polk Bros Foundation to tackle a lack of economic opportunity, which is the root cause of Chicago’s concentrated poverty, persistent racial and economic inequalities and gun violence. The firm, which has a 150-plus year history in Chicago and nearly 14,000 employees in the area, is relying on data and the expertise of its employees to maximize the impact of its philanthropic investments and help nonprofit partners expand and help underserved Chicagoans.

Specifically, the initial investments are focused on equipping workers with critical skills, helping women and minority-owned entrepreneurs by providing them with the capital and expertise they need to grow, revitalizing underserved neighborhoods by investing in locally driven solutions and helping individuals get the skills and tools needed to build strong financial futures.

Workforce Readiness--$5.7 million

Investments are helping to develop a data-driven city workforce investment strategy and help address unemployment in some of Chicago’s South and West Side neighborhoods, which exceeds 30 percent. These programs work to help Chicagoans get the skills they need to secure high-quality jobs in growing fields like healthcare and advanced manufacturing.

Notable partners and investments includethe Brazier Foundation’s Robotics Technician Training & Support Program, North Lawndale Employment Network’s Moving Forward Rail and Diesel Mechanic Training, Rush University Medical Center’s Health IT Pathways for Chicago Public School Students and Heartland Alliance’s Rapid Employment and Development Initiative.

Investment Spotlight– The North Lawndale Employment Network’s Moving Forward Bridges to Career Opportunities program partners with the Chicago Transit Authority on an eight to twelve-week rail and diesel mechanic training program that primarily serves low-income residents on the West side, many of whom are returning from incarceration. The program helps solve a labor force challenge for the Chicago Transit Authority and other area employers that are having difficulty finding a pipeline of trained diesel mechanics for good- paying jobs in Chicago’s growing Transportation, Distribution, and Logistics sector. Diesel mechanics can earn as much as $30/hour.

“The Moving Program is a win-win for the West side,” said Brenda Palms-Barber, Executive Director, North Lawndale Employment Network. “We are solving a major labor program for the Chicago Transit Authority and providing Chicagoans with living wage jobs that put them on a path to good careers in a growing industry. We’re grateful for JPMorgan Chase’s continued support of our organization and the North Lawndale community and those who have struggled to get back on their feet and create a better life for themselves and their families.”

Neighborhood Revitalization--$1.9 million

Investments provide capital to rebuild and transform Chicago’s neighborhoods by financing and leveraging capital for residential, commercial and retail development projects that often lack access to conventional financing, spurring others to invest.

Notable partners and investments include Community Investment Corporation, IFF, Community Facilities Fund and the Metropolitan Planning Council.

Investment Spotlight – To strengthen the nonprofit sector on the South and West sides, JPMorgan Chase is investing in two new programs through IFF (formerly the Illinois Facilities Fund). The first investment establishes the Chicago Community Facilities Fund to provide financial resources for nonprofits in Chicago to improve access to healthy food, childcare, healthcare and job services through new community facilities. A second investment will help approximately 20 Chicago-based nonprofits improve their financials and grow their real estate and net assets. The initial nonprofits working to strengthen and expand their organizations include Albany Park Community Center, Austin Coming Together, BUILD, Inc., Centers for New Horizons, Chinese Mutual Aid Association, Greater Chatham Initiative, La Casa Norte, LUCHA, National Latino Education Institute, and the North Lawndale Employment Network.

“We are so proud to work with JPMorgan Chase to invest in and strengthen Chicago’s network of nonprofits,” said Joe Neri, President and Chief Executive Officer, IFF. “We couldn’t do this work without the help from JPMorgan Chase. Together, the nonprofits we work with are making a difference in the lives of Chicagoans, from providing access to fresh and healthy food, healthcare and a better education, they’re an essential part of the social fabric of our communities.”

Small Businesses Development--$2 million

Investments are helping to drive economic stability by assisting small businesses in creating jobs and stimulating innovation in neighborhoods by expanding access to capital and technical assistance to primarily minority-owned small businesses and entrepreneurs on Chicago’s South and West sides.

Notable partners and investments include Blue 1647, Women’s Business Development Center/ScaleUp Greater Englewood, Illinois Hispanic Chamber of Commerce Hispanic Tech Incubator, 1871’s Chicagoland Entrepreneurial Center and ASCEND 2020.

Investment Spotlight – JPMorgan Chase’s investment will allow the Women’s Business Development Center (WBDC) to expand into the Englewood neighborhood on Chicago’s South side, delivering business services, ongoing mentorship and technical assistance, access to growth capital or direct lending, and expanded networks to neighborhood-based entrepreneurs. In 2015, WBDC was selected to be part of the Small Business Administration's (SBA) inaugural class of eight awardees nationally to deliver a ScaleUp Program to communities with small businesses experiencing slow/no growth due to a lack of a strong economic development infrastructure. WBDC used the SBA funding to launch a pilot in Aurora, Illinois. Based on the success of that pilot, JPMorgan Chase’s support will allow WBDC to expand ScaleUp to Englewood.

"Innovation is the key to growth and if we want our communities to thrive, we have to make it easier for women to get the skills they need to excel with and in the tech field," said Emilia DiMenco, Chief Executive Officer, Women’s Business Development Center. "JPMorgan Chase and WBDC are investing in the future of our workforce—women—and bringing our transformative ScaleUp program to the Englewood neighborhood.”

Financial Capability--$850,00
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Investments in financial capability programs support innovative new products and services that leverage technology and insights to help consumers weather financial shocks through increased savings, improved credit and personal asset growth.

Notable partners and investments includeMercy Housing Lakefront, Spanish Coalition for Housing, Local Initiatives Support Corporation and University of Chicago Poverty Lab.

Investment Spotlight – With JPMorgan Chase’s investment, Mercy Housing Lakefront is developing, implementing, and evaluating an asset building program at two of its affordable housing communities, including the recently opened Lofts on Arthington in North Lawndale, serving more than 400 low-income Chicago households. Services provided through the program include financial coaching, matched savings incentives, rent reporting for credit building and partnerships with other organizations for specialized financial products and services. The program is designed to empower residents to better manage their financial futures and reduce inequality in neighborhoods which have historically faced significant barriers to asset building.

“When low-income Chicagoans have access to affordable housing, they have increased financial capacity, and we’re in a unique position to help them reach their goals by integrating asset building programming,” said Mark Angelini, President, Mercy Housing Lakefront. “JPMorgan Chase’s continued support and expertise in both these areas will be integral to reaching and helping more families.”

What’s Next in 2018

Over the next three years, JPMorgan Chase will continue to make investments that help create economic opportunity in Chicago. Upcoming investments and initiatives will continue to combine the firm’s data with its business expertise—including human capital, management expertise, and partnerships.

The Fellowship Initiative (TFI), a national program created by JPMorgan Chase to prepare young men of color for college and career success, expanded in Chicago this fall to serve a new class of 60 students from over a dozen high schools. Through TFI, Chicago students from economically distressed neighborhoods will participate in intensive academic support and leadership development programming, provided through partnerships with leading Chicago nonprofits like Mikva Challenge, Young Chicago Authors, Bottom Line, Illinois Mentoring Partnership and others. JPMorgan Chase employees volunteer as mentors to the Fellows for three years, supporting their transition to college. The first class of 39 TFI Fellows in Chicago graduated this year, with promising outcomes such as 100 percent high school graduation and college acceptance rates. This year, the program grew nationally to serve students in Chicago, Dallas, Los Angeles, and New York.

The next group of JPMorgan Chase Service Corps employees will be coming to Chicago in 2018 to support nonprofits in key neighborhoods. This three-week, skills-based volunteer program, allows the firm’s top-performing employees to share their expertise with nonprofit partners to expand their community impact. In total, 45 employees over the next few years will volunteer their expertise with key Chicago nonprofits.

The JPMorgan Chase Institute, a think tank that draws on the firm’s unique proprietary data, expertise and market access to develop insights into local and global economies, will share new research in 2018 that examines the distance between where Chicagoans live and the locations of the merchants they frequent to purchase every day goods and services. This research, which previously looked at access to everyday goods in Detroit and New York City, will analyze which types of retail are most and least accessible to Chicagoans in key neighborhoods and identify gaps across a range of services and income groups.

JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.


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How Springfield self-interest left local students behind
Belleville News Democrat
Wednesday, November 22, 2017  |   Editorial  |   By The Editorial Board
Education Funding (36a) , Education--Elementary and Secondary (36)
Cahokia School Superintendent Art Ryan is about to retire, which means he and his mission to protect his students are no longer at the mercy of state leaders. He can freely speak his mind, and he recently did.

It’s just too bad those in Springfield seem immune to shame.

“No one wants to say, ‘Here’s the problem and the only way to address this is to fix the taxes, or do this, or cut this program,’ because they all have constituents and they’re afraid they’re not going to get re-elected,” Ryan said during a St. Louis Public Radio forum recently at Southern Illinois University Edwardsville.

He said the state shorted his district $14 million since 2011. There are 80 fewer employees in the district. Classes have 28 to 30 students. Property taxes have been driven up, yet that $9 million is only 10 percent of the district’s budget.

He dropped it all squarely at the feet of Springfield politicians.

“In days gone by, people would talk with each other. They were willing to compromise to make agreements, and now the political mood is ‘I have to win and someone else has to die,’” Ryan said.

And he pointed out that Illinois residents will get what they deserve as long as they fail to pay attention and hold state politicians accountable.

“I think it’s going to take the population of the state contacting their local legislators demanding they create an environment of cooperation and working together and solving problems, and we’re no longer going to stand for you guys not doing things.”

Preach it, Brother Ryan. Amen.

Morning Spin
Chicago Tribune
Wednesday, November 22, 2017  |   Editorial  |   Editorial Board

Mayor Rahm Emanuel continued his feud with New York City’s beleaguered subway system Tuesday, a day before the Chicago Transit Authority is expected to announce its budget.

In remarks to the City Council following the 47-3 vote in favor of his 2018 city budget, the mayor noted there had been some aldermanic grumbling about his plan to send $16 million from the city’s hike in ride-share fees to the CTA. The agency plans to use the recurring money to pay off bonds for train repairs and upgrades. The alternative, Emanuel said, was the rough conditions riders face in New York, as detailed in a recent New York Times series.

“There was a story Sunday in the paper about all the decisions New York had made over the years of stealing money from investments in the future to send money somewhere else,” he said. “Today there’s a story in that same paper the next day about the fact that it’s so bad in New York, they think it’s going to strangle their economic opportunity.

“Our goal is to take about 4 to 6 minutes off people’s rides, make our mass transit something people can rely on so they can spend more time with their kids, and not follow the path, and I would tell you it’s a tale of two cities, two mass transit systems,” he added.

Emanuel has not ruled out a CTA fare hike in recent weeks, saying only that there would be no service cuts for 2018. The agency hasn't raised fares since 2009.

The mayor first unloaded on the underfunded, delay-plagued Metropolitan Transportation Authority in a July New York Times op-ed titled “In Chicago, The Trains Actually Run on Time.”

He used the state of emergency New York Gov. Andrew Cuomo had just declared over the state of the subway lines to tout his own work to keep Chicago’s "L" running relatively smoothly.

Emanuel’s piece prompted a red-faced response from the New York Daily News, titled “Dumb Track Mind.”

It noted New York, with three times the population of Chicago, had fewer than half as many homicides by that point in the year. A subhead declared: “Rahm touts Chicago trains, but AT LEAST our riders don’t get SHOT on the way home.” (John Byrne)

 

What's on tap

*Mayor Emanuel will cut a ribbon on a new maintenance facility at O'Hare Airport.

*Gov. Bruce Rauner has no events scheduled.

*Programming note: "Morning Spin" will take a break over the long Thanksgiving holiday weekend, returning Tuesday.

 

From the notebook

*Emanuel ducks on graduated income tax: All five of the Democratic candidates for governor favor adopting a graduated income tax that could charge Illinois' wealthiest residents a higher rate, a move that would require an amendment to the state’s constitution.

So is Mayor Emanuel, one of the state’s leading Democrats, on board too? Well, not exactly.

Emanuel has tried to beef up his progressive bona fides in recent years by adopting a higher minimum wage and mandatory paid sick leave for Chicago workers, as well as backing sanctuary protections for people in this country illegally.

In voicing opposition to the mayor’s budget Tuesday, Ald. Carlos Ramirez-Rosa took Emanuel to task for not doing enough to back a graduated income tax at the state level.

Asked by reporters twice after the meeting about whether he backed the so-called progressive income tax, Emanuel ducked the question.

“The state constitution answers that question,” Emanuel replied the first time. The constitution calls for a flat income tax that charges everyone the same rate, no matter how much money they make.

Asked again, the mayor responded, “I’ve supported an earned income tax credit that has made the tax code much more progressive. I’ve worked for two presidents and as a member of Congress in forcing more progressivity in the tax code. I don’t support what the Republicans are doing, I do not support an income tax in the city of Chicago, and the constitution as it relates to the state of Illinois requires a constitutional change. So, I’ve been pretty clear about that.”

Emanuel's answer, however, was not clear about whether he supported a graduated income tax. (Bill Ruthhart)

*Republicans warn of higher taxes with Pritzker: Speaking of the graduated income tax, the Gov. Rauner-backed state Republican Party is warning that taxes would go up on more people than just those with large incomes if Democratic governor candidate J.B. Pritzker is elected.

But Pritzker aides said he's focused on getting a graduated income tax to replace the state’s current flat rate and also will look for other revenue-raising concepts that wouldn’t hike taxes on the middle class.

The back and forth was the result of Pritzker’s appearance earlier in the week before the Crain’s Chicago Business Editorial Board. The billionaire entrepreneur and investor said he was unsure if new revenue from a graduated income tax that couldn't be implemented until 2020 at the earliest would be sufficient for the state’s budget needs, including for education.

The state GOP said: “Pritzker continues to mirror his patron (Democratic House Speaker) Mike Madigan when it comes to taxes, promoting even higher taxes despite Madigan's 32 percent tax hike on Illinois families earlier this year.”

But Pritzker’s camp said, “J.B. does not believe we should raise taxes on middle-class families, period.” Along with a graduated income tax, the campaign said Pritzker was “committed to finding budget solutions, like legalizing and taxing marijuana.” (Rick Pearson)

*Pritzker unveils plan to combat opioid addiction: Pritzker on Tuesday unveiled plans to curb opioid addiction, including efforts to reduce risks from prescribing opioids, greater availability for mental health and substance abuse education and treatment and ensuring health insurers cover addiction treatment fairly.

“I know that by working together and investing in prevention and treatment, we can combat the opioid epidemic in Illinois and create real, lasting change. We can and we will break the cycle of addiction today and for future generations,” Pritzker said in a statement. (Rick Pearson)

*State’s senior GOP congressman not backing Rauner: U.S. Rep. John Shimkus of Collinsville, the senior Republican member of Illinois’ congressional delegation, says he’s staying neutral in a primary for governor and not backing Gov. Rauner.

Speaking to St. Louis Public Radio, Shimkus noted Rauner’s signing of legislation that would expand taxpayer-subsidized abortions for women under Medicaid and through state employee health insurance.

“We thought that he would stay out of some of the socially divisive issues,” Shimkus said. “He did not.”

Rauner faces a challenge from three-term state Rep. Jeanne Ives of Wheaton in the March GOP primary.

Of note: Rauner has made term limits a major campaign theme. Shimkus had pledged in his winning first campaign for congress in 1996 that he would not serve more than 12 years(Rick Pearson)

*Quinn for Fioretti: Former Democratic Gov. Pat Quinn apparently is a supporter of former Chicago Ald. Bob Fioretti’s nascent bid for the Democratic nomination for Cook County Board president.

Fioretti went on Twitter to post a picture of the former governor signing his nominating petition.

Quinn is seeking the Democratic nomination for attorney general in a crowded field to replace Lisa Madigan, who is not seeking re-election. (Rick Pearson)

*Crosscheck vote spurs potential legislation: Two Chicago state senators have vowed to sponsor future legislation to remove Illinois from a controversial multistate voter registration program.

State Sens. Kwame Raoul and Bill Cunningham of Chicago criticized Monday's State Board of Elections tie vote along partisan lines that kept Illinois in the Interstate Voter Registration Crosscheck Program.  The system is aimed at flagging duplicate voter registrations over state lines. 

“If the Board of Elections will not act to protect Illinois voters, then it is our duty as legislators to do so,” Raoul, a Democratic candidate for attorney general, said in a statement.

Privacy concerns have been raised over the security of voter registration data used in the Crosscheck system, including dates of birth and partial Social Security numbers. The system's reliability in finding duplicate registrations has been questioned, too.

The senators said the legislation would mandate Illinois’ departure from the Crosscheck system but allow the state to remain in a second system viewed as more accurate called the Electronic Registration Information Center, or ERIC.

Among Illinois’ neighboring states, only Wisconsin participates in ERIC. The rest are in Crosscheck. An elections board member said officials in Kansas, which oversees Crosscheck, have vowed to work on security upgrades. (Rick Pearson)

*Mazeski gets EMILY List backing in 6th Congressional District: Kelly Mazeski, a health care advocate and member of the Barrington Hills planning commission, has received the endorsement of EMILY’s List in her bid for the Democratic nomination to take on Republican U.S. Rep. Peter Roskam.

Stephanie Schriock, president of EMILY’s List, cited Mazeski’s efforts to cope with the loss of health insurance coverage while undergoing treatment for breast cancer.

“Mazeski’s experience and perspective is exactly the change that Chicagoland families deserve in Congress,” Schriock said in a statement. (Rick Pearson)  

*Quick SpinsThe City Council confirmed former Deputy Mayor Andrea Zopp to the Chicago Police Board despite some complaints about the process. ... The Thanksgiving long weekend is the home stretch for candidates who need to gather petition signatures to run for office. Filing to get on the March primary ballot starts Monday.

*On the "Sunday Spin": Political reporter Rick Pearson’s guests are Tribune reporter Ted Gregory, state Rep. Carol Sente, D-Vernon Hills, and Kent Redfield, professor emeritus at the University of Illinois at Springfield. The "Sunday Spin" can be heard from 7 to 9 a.m. on WGN-AM 720.

 

What we're writing

*Cook County Board approves budget with more than 300 layoffs.

*Emanuel's 2018 budget is approved. The cost of phone fees and ride-share trips will rise.

*Immigrant who sought sanctuary at Chicago church files civil rights lawsuit.

*Partisan politics could mean fewer second helpings and more early exits this Thanksgiving.

 

What we're reading

*After winning Foxconn, Southeast Wisconsin prepares for influx of jobs as residents fear loss of "peace and quiet."

*United Soccer League expansion team coming to North Side site proposed for Amazon's HQ2.

*Beyond the horseshoe: How I fell in love with Springfield food.

 

Follow the money

*Track Illinois campaign contributions in real time here and here.

 

Beyond Chicago

*FCC unveils plan to repeal net neutrality.

*Judge halts Trump transgender military ban.

*Ethics investigation begins into Conyers sexual harassment allegations.

*Mugabe resigns as leader of Zimbabwe.


This is a new day for feminists, I reckon
Chicago Tribune
Wednesday, November 22, 2017  |   Article  |   Clarence PageContact Reporter
Sexual Harassment (96)
As we chatted about Sen. Al Franken’s embarrassing photo, a male friend acknowledged being unsettled by it.

“I wouldn’t want to be remembered forever,” he said, “for the worst 20 seconds of my life.”

Right. Who would? Yet that may well be the Minnesota Democratic senator and former “Saturday Night Live” cast member’s fate. Leeann Tweeden, a Los Angeles radio anchor, released the photo to back up her allegation that Franken kissed and groped her without her consent during a 2006 USO tour to entertain troops in the Middle East before he ran for the Senate.

A tsunami of sexual misconduct allegations against the rich, famous and powerful has shaken people of both genders, as we try to recall anything we might have said or done in the past that would violate the stricter standards of today.

Unfortunately for Franken, the few seconds that it took to photograph his acting out of moves he now deeply regrets have been joined by another controversial moment. He has been hit with a second charge this week by Lindsay Menz, 33, who says Franken grabbed her buttocks while taking a photo at the Minnesota State Fair in 2010, after he became a senator.

Add to that, CBS’ firing of Charlie Rose, co-host of “CBS This Morning,” after eight women accused him of sexual harassment, and The New York Times’ suspension of White House correspondent Glenn Thrush over allegations of sexual misconduct involving younger, female journalists.

Plus, there was Buzzfeed’s Monday report that Rep. John Conyers, a Michigan Democrat, privately settled a former staffer’s complaint that he, too, had made unwanted sexual advances.

And all of this occurs while national Republican leaders try to persuade Roy Moore, Alabama’s Republican Senate nominee, to drop out amid charges that he had improper relations with teenage girls. Even allegations by several women of sexual assault by former President Bill Clinton have been resurrected by Democrats who want to be consistent with their calls for accountability by President Donald Trump for charges other women have made against him.

There is a “reckoning” going on, as various commentators have called it. Touched off by the Harvey Weinstein scandal, bizarre and astonishing even by Hollywood’s standards, and inflamed by the #MeToo social media movement and various websites, the Great Reckoning has rolled like an earthquake from Hollywood to Washington and beyond.

Polls show how serious the problem of sexual harassment has been for women compared to us guys. More than a third of American women — 35 percent — and 9 percent of American men say they have been sexually harassed or abused in the workplace, according to a new poll released Tuesday by “PBS NewsHour,” NPR and Marist.

But a number of feminist writers also warn of an inevitable backlash. Like the civil rights movement and other periods of great social change, big feminist uprisings tend to be followed by big counter-movements urging a slowdown or reversal in the change.

Think of the presidential rise of Trump following that of Barack Obama and you’ll have an idea of what I’m talking about. Remember how “political correctness” kept rising as an issue in Republican campaigns? Pushback against liberal social rules sounds more appealing when the rules appear to be too strict, misguided or unfair.

For that reason, as a self-described feminist, I think there are at least three new rules that feminists and allies should remember in a period like this:

One, calibrate. Remember that every crime does not call for capital punishment. There’s a big difference between Franken’s boneheaded horseplay, for example, and Moore’s alleged improprieties with teenage girls. We should express those differences in deciding what penalties, or ostracism, is appropriate.

Two, don’t try to be more outraged than the victim. While some call for Franken to resign immediately, Tweeden said she thought that would be excessive. We should at least listen to those who have been offended before deciding what to do about their offenders.

And finally, we all need to learn more about how the other side thinks. Men and women live in very different worlds, judging by the polls and numerous conversations. We guys need to keep those conversations going before we start mansplaining. Women, we need your help, even when some of us don’t seem to want it.

Clarence Page, a member of the Tribune Editorial Board, blogs at www.chicagotribune.com/pagespage.

cpage@chicagotribune.com