Alexander Giannoulias ( ; born March 16, 1976) is an American politician who has been serving as the 38th secretary of state of Illinois since January 2023. He previously served as the 72nd treasurer of Illinois from 2007 to 2011.
A Democrat, Giannoulias defeated Republican State Senator Christine Radogno with 54 percent of the vote in the 2006 election for Illinois Treasurer. He became the first Democrat to hold the office of Illinois Treasurer in 12 years. Giannoulias was a candidate for U.S. Senate in the 2010 elections. He won the Democratic primary, but narrowly lost the general election in November 2010 to Republican Mark Kirk. On June 26, 2018, he was confirmed to the Chicago Public Library Board, marking his first return to public service since leaving the Treasurer's office.
Giannoulias was elected secretary of state in 2022, defeating Dan Brady to succeed longtime incumbent Jesse White. He is currently running for re-election in 2026 while also running for mayor of Chicago in 2027.
Early life and education Giannoulias was born in Chicago, Illinois, to Greek immigrants. His mother, Anna, is from Chania, and his late father, Alexis, was from Kalavryta. He has two older brothers, Demetris and George. Giannoulias attended and played basketball at the Latin School of Chicago. He attended the University of Chicago and then transferred to Boston University. Giannoulias received a bachelor's degree with a major in economics from Boston University in 1998. He moved to Greece, Europe, to play basketball with Panionios B.C. for a year, from 1998 to 1999.
After returning from Greece, Giannoulias attended the Tulane University School of Law and received a Juris Doctor degree. He returned to Chicago to take a management position with Broadway Bank, a community bank in Chicago's Edgewater neighborhood founded by his father in 1979.
Giannoulias served on the board of directors of the Community Banker's Association of Illinois Legislative Committee, the South Side/Wabash YMCA, and the Edgewater Chamber of Commerce. Giannoulias also founded and chaired the AG Foundation, a not-for-profit charity that donated money to treat child-related illnesses, curb poverty and assist disaster relief organizations.
Illinois Treasurer Elections
Although the state Democratic Party led by House Speaker Mike Madigan backed his opponent, Paul Mangieri, in the primary, Giannoulias was endorsed by U.S. Representatives Jan Schakowsky, Jesse Jackson Jr.,Chase, John (February 3, 2006). "Race for treasurer splits Democrats". Chicago Tribune. and by then-Senator Barack Obama.Kraushaar, Josh (June 18, 2009). The Obama-Giannoulias relationship. Politico.
The Chicago Sun-Times news group also endorsed Giannoulias in the general election, arguing that he would "bring valuable private enterprise experience from banking to the job" and praising his "creative" policy proposals like a securities lending program, improving Bright Start, and promoting green energy."Alexi Giannoulias for state treasurer". Chicago Sun-Times. 24 October 2006. Running on a campaign platform that emphasized comprehensive ethics reform for the Treasurer's office,"Alexi Giannoulias". Illinois State Treasurer. Giannoulias won the March 2006 primary and went on to defeat Republican candidate Christine Radogno in the general election.
Tenure
Ethics reform On his first day as State Treasurer, Giannoulias "signed an executive order to enact the most comprehensive, widest-ranging ethics package of any elected official in the state", according to his official state website. "The order prohibits [the Treasurer] from accepting contributions from banks, Treasurer's Office employees and contractors who do business with the office." He also moved to foreclose on two debt-ridden hotels built in the 1980s by politically connected insiders in Springfield and Collinsville.Suhr, Jim (September 26, 2007). "St. Louis hotel scheduled for judicial sale" . Associated Press. USA Today. Mendell, David (January 16, 2008). "State ready to close books on debt-plagued hotel" Chicago Tribune.
Hartmarx In 2009, Giannoulias worked to encourage Wells Fargo to cooperate in the sale of Chicago-based clothing manufacturer Hartmarx Corp., which was at risk of liquidation and had filed for Chapter 11 protection. The success of this sale with Giannoulias' support saved over 600 jobs at an Illinois Hartmarx factory that otherwise would have been closed."Durbin takes the reins of Giannoulias' Senate bid". Chicago Sun-Times. February 7, 2010.
Wells Fargo, a primary lender for Hartmarx, is also "the money custodian for the treasurer's office, holding its cash and other financial assets." Giannoulias publicly challenged Wells Fargo's obstruction of the sale, stating that "[Wells Fargo's] intention to liquidate Hartmarx rather than allow a sale to buyers intent on keeping the company running will significantly jeopardize the business relationship between Wells Fargo and the state of Illinois."
Giannoulias cited the fact that Wells Fargo received over $25 billion in federal TARP bailout funds as further reason why the bank should have supported the sale of Hartmarx instead of pursuing the company's liquidation. In a public statement, Giannoulias said, "We expect companies that get state and federal taxpayer money to invest it in American jobs and American workers, not destroy companies that still have a chance to succeed."
Green Rewards Giannoulias launched the "Green Rewards" program, which gives a $1,000 rebate to Illinois residents who purchase a new hybrid or other fuel-efficient vehicle.State offers $1,000 rebate to hybrid-vehicle buyers. Chicago Tribune. Page 3. July 16, 2007.
Purchase of Israel Bonds In January 2009, the state of Illinois purchased $10 million worth of Israel Bonds. Giannoulias said: "This is a good way to safely diversify our portfolio, especially during a time when some of our other investment options aren't generating as much revenue because of the market fluctuations here in the United States." According to Giannoulias, the Israel Bonds will mature in three years with a 2.43% rate of return, compared to U.S. government bonds yielding a 1.51% return during the same period.
Scholarship programs In addition to revamping the Bright Start savings program, Giannoulias created several new scholarship programs for Illinois college students.
The Fallen Heroes Scholarship Program, which Giannoulias designed in a partnership with the Illinois Department of Veterans Affairs, awards an initial investment of $2,500 in college savings to children who have lost a parent in military service since 2001."Helping fallen heroes' kids; State officials unveil scholarship program." Chicago Tribune, January 28, 2008.
In 2008, Giannoulias announced the creation of the Bright Start Scholarship Program, which will award $3.5 million in need-based scholarships over 7 years, until 2015. More than 250 students received scholarships in 2008, the first year of the program. The scholarships were designed by Giannoulias as a public–private partnership, with the funding for the scholarships donated by a private firm at no cost to the state or taxpayers."$3.5 million to help with college costs." Chicago Tribune, April 29, 2008 Giannoulias also developed the Cultivate Illinois Excellence in Agriculture scholarship in 2008. This program awards ten $2,000 scholarships each year to students pursuing degrees in agriculture-related fields."Agriculture scholarships available to Illinois students" . Morris Daily Herald. March 16, 2010.
Bright Start
As Illinois Treasurer, Giannoulias was responsible for overseeing the Illinois' Bright Start college saving program. Bright Start provides parents with the opportunity to invest in a tax-free account to save for their children's college education. Enrollees are eligible for several state tax benefits and can invest in various stock and bond options."About Bright Start". . Bright Start Savings. Before Giannoulias took office, SavingForCollege.com ranked Bright Start 47th out of 48 in the nation. Giannoulias helped reform the program, and Bright Start went from being one of the worst programs in the country to one of the best. Morningstar called the transformation "a Cinderella story."
In 2008, one of the twenty-one funds in Bright Start, Core Plus, began experiencing excessive losses and eventually lost 38% of its value. In the same year, the overall Bright Start program's benchmark grew by 5.4%. Within the Illinois Bright Start program, 2.5% of investors had invested their entire portfolios in Core Plus and suffered a 38% loss; others experienced smaller losses.
As the Associated Press reported, "It turns out the Oppenheimer team handling Core Plus — a team the company has now fired — was putting money into risky, complicated investments that tanked in 2008 amid the general financial meltdown." In 2009, Oregon, Nebraska, New Mexico, Texas, Maine and Illinois all investigated OppenheimerFunds' handling of their college savings programs for impermissible investments and misconduct. Oppenheimer was selected to lead the program by Giannoulias' predecessor, former Illinois Treasurer Judy Baar Topinka, in December 2006, a month before Giannoulias took office.Savage, Terry (December 21, 2006). "State's college saving plan is tops, and just got better". . Chicago Sun-Times.
After the credit markets collapsed in the fall, new contributions into the fund were halted on December 4, 2008. In January 2009, the treasurer's office announced that no further contributions would be made to the Core Plus fund and that the state would be investigating the losses.Savage, Terry (January 14, 2009). "Ill. wants Bright Start College Savings program's $85M back". . Chicago Sun-Times.
According to the Associated Press, Illinois was the first state to take action. In January 2009, at the request of Giannoulias, the Illinois Attorney General initiated its own probe of OppenheimerFunds, issuing subpoenas on the company. At the time, the losses attributable to OppenheimerFunds' impermissible investments were estimated to be "in excess of $85 million."
Despite the problem associated with OppenheimerFunds' handling of Core Plus, Bright Start remains a highly regarded 529 college savings program. In April 2009, Consumer Reports studied college savings programs across the country "to see how well they performed during last year's stock-market plunge." Consumer Reports "found five that are worthy of an A," and ranked Bright Start as one of the top five college savings programs in the nation. In April 2009, Money Magazine selected Bright Start as one of the "best low-risk 529 plans." In December 2009, Kiplingers selected Bright Start as one of the best state 529 plans in the country, choosing it as the best plan for "low fees.""2009 Best List: College". Kiplingers Personal Finance. December 2009. Morningstar, Inc., which had previously ranked Bright Start in its top 5 in 2008, has acknowledged the issues relating to Core Plus but, citing Illinois' swift action in dealing with the issue, reported in 2009 that "the plan still holds plenty of appeal."Brown, Greg (April 23, 2009). "The Best and Worst 529 College-Savings Plans" . Morningstar.
In December 2009, the Illinois Attorney General's Office and the Office of the State Treasurer announced that Illinois had reached a settlement with OppenheimerFunds. Eligible accountholders who lost money in Core Plus would receive $77 million from OppenheimerFunds. As the scope of the settlement was expanded during negotiations with OppenheimerFunds to include more accountholders, the total loss addressed by the settlement is $150 million. Those families invested in the fund were eligible to receive just over half of their investment back.