Sen. Laura Ellman backs SB3086 to expand state investment options in private placement securities

During the 104th General Assembly on May 31, 2026, Sen. Laura Ellman (D-21st) voted Yes on SB3086, authorizing state investment in certain private placement securities, according to the Illinois Senate. The bill cleared the Senate by a vote of 51-6.

As outlined in the bill's official summary, the proposal is entitled: "STATE PERMITTED INVESTMENTS."

The following summary provides an analysis and interpretation to clarify the main provisions of the bill.

SB3086 seeks to amend the Deposit of State Moneys Act, enabling the state treasurer to put state funds into private placement fixed income securities exempt from SEC registration. These investments are restricted to issuers with substantial Illinois operations and assets of more than $1 billion. Purchases are limited—no more than 5% of any issuer's total assets and 1% of the total state funds. Issuers included cannot be on the Illinois Investment Policy Board's restricted list. The legislation is set to take immediate effect once enacted.

For SB3086, the official action recorded was 'House Floor Amendment No. 1 Senate Concurs'.

Ellman earned her BS from Grinnell College in 1987.

Serving as a Democrat, Ellman was elected to the Illinois State Senate in 2019, succeeding Michael Connelly as representative of the 21st Senate District.

In Illinois, legislative measures undergo a multi-step legislative process, which starts with introduction in either the House or Senate, proceeds to committee consideration, floor debate, and votes in both chambers, and may culminate with approval or veto by the governor. The Assembly meets biennially, sees thousands of bills each session, but only a small number are ultimately signed into law.