Residents across Vigo County and the wider Wabash Valley will soon decide between two distinct approaches to managing Indiana's public money, with incumbent Republican Treasurer Daniel Elliott seeking a second term and Democratic challenger Coumba Kebe calling for greater transparency in state fund management.
Elliott, first elected in 2022, is campaigning on nearly $1.8 billion in state investment earnings generated during his first term. His office reported in August that state general fund investments had produced about $1.785 billion, including approximately $450.2 million in fiscal year 2026. Elliott argues that maximizing returns from public funds reduces pressure to raise taxes, attributing the success to available funds, investment flexibility from the General Assembly, experienced managers, and favorable market conditions.
The treasurer serves as Indiana’s chief investment officer, overseeing more than $16 billion. The role also includes leading the Indiana Bond Bank and Statewide 911 Board, managing savings programs, and serving as sole trustee of the State Police Pension Trust.
Before becoming treasurer, Elliott worked in software engineering and consulting and served on the Morgan County Council. He emphasizes his combined technical and local government finance experience as beneficial to his role. A central part of his tenure has been opposition to environmental, social, and governance (ESG) investing, maintaining that public investment decisions should prioritize financial returns over political or social agendas. Indiana lawmakers approved restrictions on pension investing in 2023, giving the treasurer a role in identifying investment managers with prohibited ESG commitments. Elliott placed BlackRock on a watchlist in June 2024, and in December, the Indiana Public Retirement System’s board, on which Elliott serves, voted to replace BlackRock for management of a roughly $969 million inflation-linked bond portfolio.
Kebe, a Noblesville resident and founder of Scope Consulting, brings a background in Medicaid and senior care fields, where she managed budgets and operations. She argues that her experience would offer a different perspective on the state's financial decisions, stating, "We've got to focus on people." Kebe questioned whether Elliott's efforts against ESG investing served taxpayers' financial interests and called for greater disclosure about the costs and risks associated with changing investment managers. While acknowledging the need to follow state law, she believes a company's treatment of workers and management practices can affect its long-term financial performance.
Both candidates express a desire to expand the office’s work with local communities and help more Hoosiers use its savings programs. They also emphasize opportunities for the treasurer to influence broader state policy, including strengthening local finances and addressing financial pressures facing Hoosier families, and have promised to work with lawmakers on such proposals.
Kebe's transparency proposals include more accessible reporting about state holdings, investment performance, and fees. She aims to communicate this information to Hoosiers through social media, quarterly public reports, press conferences, and community meetings. She also seeks to use the office to advocate for changes to Medicaid and childcare policy, noting their impact on the workforce and the state’s economic future.
Elliott's priorities for a second term include strengthening cybersecurity for 911 systems, particularly for smaller and rural communities that may lack staffing and funding. He highlights a statewide cybersecurity assessment, dispatcher training, and emergency communication services, and has discussed the issue with lawmakers ahead of the 2027 budget session. He also seeks to help local governments earn more through TrustINdiana, the state’s public investment pool.
Both candidates view local infrastructure as a key area where the treasurer can assist communities. Elliott highlighted the Indiana Bond Bank’s new Recovery Advance Program for Infrastructure Damage (RAPID), launched September 10 after August storms and floods, which provides communities with loans up to $1 million for eligible costs. Kebe wants the Bond Bank to work more proactively with municipalities on infrastructure needs and disaster preparation, including identifying financing options before a crisis. She also seeks stronger partnerships with police officers and firefighters concerning decisions about the 911 network.
While their visions for how to evaluate investment decisions, communicate with taxpayers, and influence broader state policy differ, both Elliott and Kebe aim to enhance the financial well-being and security of Indiana communities.
