Chicago Teachers Union Closes its Bank of America Account in Protest

‘After the Chicago Teachers Union rejected Chicago Public Schools’ latest contract proposal, district officials said they would stop paying a sizable portion of teacher pension contributions and make cuts to school budgets. Union president Karen Lewis referred to these threats as a vindictive “act of war” designed to pressure the union into signing the contract.

Now the battle has shifted to Bank of America. Teachers union recording secretary Michael Brunson just pulled all $726,000 of the union’s account money out of Bank of America. The union says that rather than cut school budgets, the school district should recoup the money it has lost from Bank of America due to “toxic interest swaps.”‘

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