Posted on 05/12/2025 9:48:18 AM PDT by MtnClimber
The banking industry is attempting to take programs from Indiana’s state treasurer because he works to protect Christians and conservatives.
ndiana lawmakers amended a proposal that had attempted to give some of state Treasurer Daniel Elliott’s powers to big banks angered by his strong defense of taxpayers, Christians, and conservatives. Yet the program is still at risk of being turned over to the state’s powerful banking lobby, which has donated to all the politicians who control the $3 billion local investment pool targeted by the changes.
The provision inserted by Republican Sen. Travis Holdman, a former bank CEO, initially attempted to demote Elliott from sole manager of TrustIndiana to one member of a banker-controlled five-member board managing that pool. Holdman was formerly on the board of a bankers’ organization that merged into the outfit that lobbied for these changes, the Indiana Banker’s Association.
The IBA “has been opposed to some of my policies right from the beginning,” Elliott said in a phone interview. “They were opposed to me pushing back on ESG [leftist social justice investment metrics]. They were opposed to me fighting against BlackRock … That’s fine, they can have their opinions. What bothered me was that this was a backroom deal done in the middle of the night.”
Banking Regulations Hurt Taxpayers
Elliott told The Federalist bankers on the board would present a conflict of interest, as banks can financially benefit from the pool investments. Local officials are beneficiaries of the program, and thus naturally want TrustIndiana to perform optimally while lacking ethical conflicts over where the money is invested, Elliott noted.
This is why the Association of Indiana Counties opposed the attempted changes. So did Hoosier conservative activists, who rallied at the governor’s mansion in late April to push for property tax cuts and protect TrustIndiana.
“This is crony capitalism at its worst,” “said Coalition of Central Indiana Tea Parties Chairman Adam Harvey in a press release. “They want to put a board of bankers over the elected State Treasurer, directing investments that benefit their shareholders instead of Hoosier taxpayers and local governments.”
The banking lobby already has reduced TrustIndiana’s returns by requiring 50 percent of the pool to go into bank deposits, which return a lower interest rate, Elliott said. The S&P will not rate TrustIndiana, he said, “because it has too much of its assets in bank deposits.”
That’s just one of several examples of how Indiana’s banking lobby has reduced TrustIndiana returns for local officials and taxpayers via regulations, Elliott said. To get some of those removed, he agreed to the legislature creating a board to oversee the program. Index funds have historically overperformed managed funds....SNIP
Debanking, one of the weapons of the left.
It’s not just the left. It’s the trifecta of globalism, socialism and crony capitalism. Bush cashed in on that trifecta to invade Iraq.
bttt
If a bank discriminates on any aspect of race and the state does not sue and close, the state is run by cowards.
Money is green. That must be the only color recorded in a bank.
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