State Treasurer asks legislators to reject last minute provision that gives power to bank executives instead of Hoosier taxpayers

Friday, April 11, 2025 at 7:00 PM

Thursday, lobbyists from the Indiana Bankers Association added a provision to the budget at the last minute that will negatively impact Hoosier taxpayers and local governments. This change was a backroom deal that gives control of TrustINdiana and tax dollars to big banks and their lobbyists. It establishes a board of bank executives who will direct the Treasurer’s office to place taxpayer money into their own banks, which will lower taxpayers' return on investments and enrich their own bottom lines.

Treasurer Daniel Elliott's statement: “This is a perfect example of big government at its worst. Hoosier taxpayers have put their trust in me to invest their hard-earned dollars wisely – and that’s exactly what we have done. This provision puts bank executives and lobbyists in charge of TrustINdiana with no accountability to taxpayers. I urge the legislature to reject this provision and protect Hoosier taxpayers and their investments.

“While I commend the Senate Appropriations Committee for maintaining Indiana’s strong fiscal position with a balanced budget; it’s imperative we give Hoosier taxpayers the return on their investments that they deserve and expect.”

Since Treasurer Elliott has taken office, his office has returned over $1 billion through smart and innovative investment strategies.