Illinois Insights: An Update from Cozen O’Connor (8/26)

August 26, 2026

ILLINOIS

AROUND THE STATE

Moody’s upgrades Illinois credit rating ahead of September bond sales 

“Moody’s upgraded its credit rating for Illinois’ general obligation bonds to A1 from A2, the agency’s highest rating for the state since December 2011,” by Crain’s Chicago Business.  

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Illinois attorney general joins suit against Postal Service over mail voting rules 

“Illinois Attorney General Kwame Raoul announced Wednesday he has joined a multistate lawsuit against the U.S. Postal Service challenging new rules that purport to give it authority to regulate mail-in voting in federal elections,” by Capitol News Illinois.  

Illinois Crypto Tax Stung With Another Industry Group Challenge 

“Cryptocurrency trade groups are bringing another legal challenge to Illinois’s first-in-the-nation tax on digital asset transactions, alleging the state hastily enacted a ‘flawed and unlawful statute,’” by Bloomberg Tax.

Illinois leaders anxious about Supreme Court ruling allowing Trump to push mail-in voting restrictions 

“Illinois’ Democratic leaders expressed trepidation Tuesday after the U.S. Supreme Court allowed the Trump administration to proceed with plans that could severely limit mail-in voting, raising warnings that it could create chaos for the Nov. 3 general election,” by the Chicago Tribune. 

CHICAGO

MORE FROM CITY HALL

Johnson finds $85M budget fix — and unloads on City Council

“Mayor Brandon Johnson unveiled a plan today to wipe out Chicago’s projected $85 million 2026 deficit without layoffs, while escalating his attacks on the City Council coalition he blames for creating the shortfall,” by Crain’s Chicago Business.  

Mayor’s executive order targets companies helping with deportation campaign, bans companies committing abuses

“Mayor Brandon Johnson signed a wide-ranging executive order Wednesday meant to prevent corporations that carry out corrupt or abusive practices, including inhumanely assisting in aggressive federal deportation campaigns, from doing business with the city,” by the Chicago Sun-Times.  

Chicago Ethics Board Hits 1 Year Without a Leader, as Executive Director Retires and Election Season Begins

“As the Chicago Board of Ethics prepares to enforce the city’s ethics laws during the 2027 municipal election, it has been without a permanent leader for more than a year, and its longtime executive director will retire at the end of the month,” by WTTW News. 

Bally’s downplays financial woes, says video gaming bigger threat to Chicago casino 

“Bally’s is pushing back against Chicago aldermen demanding that it restart stalled work on its River West casino complex, arguing the City Council’s concerns about the company’s financial health are overblown — and that legalized video gambling in bars and restaurants poses a far greater threat to the $1.7 billion project’s local impact,” by Crain’s Chicago Business.  

FEDERAL

Cozen Currents: Trump v. The World’s Most Deliberative Body

A challenging national environment has put the Senate majority within Democrats’ reach. Even so, securing an outright majority remains an uphill climb because the chamber turns over only about a third of its seats at a time and the battleground is tilted toward GOP-leaning states. 

Even if Republicans retain the Senate, their majority will likely shrink, implying that the upper chamber may be more willing to push back against the White House than it has been in Trump’s second term. 

Although currently not the base case, a Democratic-controlled Senate could change the course of the remainder of President Trump’s second term through oversight and a blockade of his nominations. Read the Cozen Currents here.

The Beltway & Beyond: Budget Season Wrap-Up: What States Can Tell Us About Governing

Budget season offers a window into state priorities, policy choices, and the challenges lawmakers are working to address. As state negotiations wrap up in Illinois, New York, and Virginia, we explore the tradeoffs, areas of agreement, and key decisions that shaped this year’s legislative sessions. What do these budgets reveal about governing today, and what do they signal for the road to the November midterms? Featuring Public Strategies’ Julia Hammond (VA), Sydney Holman (IL), and Katrell Lewis (NY). Listen here.

Authors

About Cozen O’Connor Public Strategies

Cozen O’Connor Public Strategies, an affiliate of the international law firm Cozen O’Connor, is a bipartisan government relations practice representing clients before the federal government and in cities and states throughout the country. With offices in Washington D.C., Richmond, Albany, New York City, Philadelphia, Harrisburg, Chicago, and Santa Monica, the firm’s public strategies professionals offer a full complement of government affairs services, including legislative and executive branch advocacy, policy analysis, assistance with government procurement and funding programs, and crisis management. Its client base spans multiple industries, including healthcare, transportation, hospitality, education, construction, energy, real estate, entertainment, financial services, and insurance.

About Cozen O’Connor

Established in 1970, Cozen O’Connor has over 775 attorneys who help clients manage risk and make better business decisions. The firm counsels clients on their most sophisticated legal matters in all areas of the law, including litigation, corporate, and regulatory law. Representing a broad array of leading global corporations and middle-market companies, Cozen O’Connor serves its clients’ needs through 31 offices across two continents.

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