State Treasurer asks legislators to reject last-minute provision giving power to bank executives

Submitted by Office of Treasurer Daniel Elliott

Elliott

On Thursday, lobbyists from the Indiana Bankers Association added a provision to the budget at the last minute that Indiana Treasurer of State Daniel Elliott says will negatively impact Hoosier taxpayers and local governments.

He says 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.

“This is a perfect example of big government at its worst,” Treasurer Elliott said. “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.

About TrustINdiana
TrustINdiana combines funds from many local governments, which allows them to get better returns than they would on their own. The program follows strict rules to keep the money safe, and it makes sure that each city, town, or school can get their funds whenever they need them. This helps local leaders plan and pay for important things like fixing roads, improving parks, and supporting schools.