Indiana State Treasurer Daniel Elliot is calling for legislators to reject a last-minute provision to the budget that lobbyists from the Indiana Bankers Association added.
Elliot stated that this change was a backroom deal that gives control of TrustINdiana and tax dollars to big banks and their lobbyists, which will negatively impact Hoosier taxpayers and local governments.
The provision 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.
The purpose of TrustINdiana is to allow local units of government (e.g. counties, municipalities, school corporations, townships, and other units of local government) as well as the State of Indiana to invest in a common pool of investment assets that seeks to preserve the principal of the public’s funds and prioritize liquidity and return on investment.
The Indiana Treasurer of State has been designated by statute as the administrator of TrustINdiana. The Treasurer has contracted with Public Trust Advisors, LLC, an SEC-registered investment advisor, to provide the administration and portfolio management and marketing services for the program not retained by the Treasurer’s office. The Fifth Third Bank serves as the custodian.
For more information on TrustINdiana, visit: trustindiana.in.gov/about/.
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