Video: Illinois Gov. Rauner Talks Municipal Bankruptcy For Cities

Illinois Gov. Bruce Rauner sat down for an interview with CBS-2 on Monday night, and he touched on one of his most talked-about policy proposals: allowing cities and towns to declare bankruptcy as a means of shedding pension debt.

A snapshot of his remarks, from CBS:

“Many other states have allowed local governments to decide whether they need to declare bankruptcy,” Rauner tells Johnson. “Bankruptcy law exists for a reason. It’s allowed in business so that businesses can get back on their feet and prosper again by restructuring their debts.”

“It’s very important for governments to be able to do that, too,” he added.

Listen to his full remarks in the video above.

 

Video credit: CBS Chicago

Photo by Tricia Scully via Flickr CC License

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