State Senator Cristina Castro (D-Elgin) joined State Rep. Emmanuel “Chris” Welch (D-Hillside) to announce a new measure that would require financial institutions that want to conduct business with Illinois state government to have a minimum of 20 percent of their boards be people of color. House Bill 5806 would only affect financial institutions that want to be able to receive state dollars. It ensures that the money that Illinois invests only goes to institutions that have boards that reflect the state’s diversity.  If institutions currently doing business with the state do not meet the new requirements of this measure, they will have until January, 2021 to come into compliance. After this date, the state will divest all of its investments from financial institutions without diverse boards. Welch introduced the legislation on July 1 and will be the chief sponsor in the house and Castro will be the chief sponsor in the senate.