Indiana treasurer race draws competing visions for managing state funds
by Casey Smith, Indiana Capital Chronicle
October 22, 2026
Republican Treasurer Daniel Elliott is touting nearly $1.8 billion in state investment earnings in his bid for a second term, while Democratic challenger Coumba Kebe is calling for greater transparency in how Indiana manages public money.
The Nov. 3 election pits a former software engineer and local government official against a health care executive who says her work with seniors and people with disabilities showed her the consequences of statewide financial decisions.
Both candidates want to expand the office’s work with local communities and help more Hoosiers use its savings programs. But they differ on how to evaluate investment decisions, communicate with taxpayers and use the position to influence broader state policy.
The treasurer serves as Indiana’s chief investment officer, managing more than $16 billion. The job also includes leading the Indiana Bond Bank and Statewide 911 Board, overseeing savings programs and serving as sole trustee of the State Police Pension Trust.
Although the office does not write the state budget or set property tax rates, Elliott and Kebe each emphasized opportunities for the treasurer to influence those decisions — and both candidates promised to work with lawmakers on proposals to strengthen local finances and address the financial pressures facing Hoosier families.
Elliott emphasizes earnings, experience
Elliott, first elected to statewide office in 2022, is asking voters for another four years to continue his investment strategy, strengthen cybersecurity for 911 systems and help local governments finance infrastructure.
His office reported in August that state general fund investments had generated about $1.785 billion during his first term, including about $450.2 million in fiscal year 2026. Elliott argues that earning more from public money reduces pressure to raise taxes.
In an interview with the Capital Chronicle, he credited the returns to a combination of available funds, investment flexibility granted by the General Assembly, experienced portfolio managers and favorable market conditions.
Before becoming treasurer, Elliott worked in software engineering and consulting and served on the Morgan County Council. He says that combination of technical experience and local government finance has helped him navigate an office with responsibilities spread across numerous boards and programs.
“I am probably the biggest nerd in the building,” he said. “But if you’re thinking about it, isn’t somebody who’s kind of nerdy who you want as your state treasurer?”
Kebe, a Noblesville resident who founded Scope Consulting, entered the treasurer’s race after losing the Democratic primary for House District 29. She said she began advocating online about Medicaid changes before deciding to run for office, frustrated that elected officials were not listening to concerns from people working in health care.
She’s spent the past decade in the Medicaid and senior care fields, including work managing budgets and operations. That experience, she argues, would bring a different perspective to the state’s financial decisions.
“Government is here to provide to keep people safe and to take care of people, and we can’t continue to make decisions just focused on the numbers,” Kebe said. “We’ve got to focus on people.”
A divide over investment politics
Elliott has made opposition to environmental, social and governance investing — commonly called ESG — a central part of his tenure. He maintains that public investment decisions should focus on financial returns rather than political or social agendas.
“When we’re talking about my role as state treasurer … we’ve got to focus on return, nothing less, nothing more,” he said.
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. That December, the Indiana Public Retirement System’s board voted to replace the firm for management of a roughly $969 million inflation-linked bond portfolio. BlackRock disputed the allegations. The decision was made by the pension board, on which Elliott serves.
Kebe, however, questioned whether that effort served taxpayers’ financial interests and said she wants greater disclosure about the costs and risks of changing investment managers.
“What I would like to see less of in this office is leveraging taxpayer dollars to make political and partisan statements,” she said. “This job is pretty straightforward. You invest taxpayer dollars and you focus on fiscal responsibility and making sure you maximize returns.”
Kebe said the office must follow state law, but she also believes a company’s treatment of workers and management practices can matter to its long-term financial performance.
Elliott, meanwhile, maintains that financial returns should drive the state’s investment choices.
“There’s constantly this give and take, push and pull, and so we’re always adjusting that depending on the market, and that is every single day,” he said.
Kebe’s transparency proposals include more accessible reporting about state holdings, investment performance and fees. She wants to explain that information to Hoosiers through social media, quarterly public reporting, press conferences and community meetings.
“(Hoosiers) want to understand how things impact them, but they don’t necessarily always have the leaders who are willing to meet them on the platforms and where they’re at to explain those things,” she said.
Kebe also wants to use the office to advocate for changes to Medicaid and childcare policy. Those decisions, she noted, affect the workforce and the state’s economic future.
“The things that I want to do will require partnership,” Kebe said. “But I’ve started building those relationships early, even across the aisle.”
Local infrastructure, 911 needs
Both candidates point to local infrastructure as a way the treasurer can help communities facing financial pressure.
Elliott highlighted the Indiana Bond Bank’s new Recovery Advance Program for Infrastructure Damage, or RAPID, which launched Sept. 10 after August storms and floods. He said conversations with local officials helped identify the need for financing while communities wait for disaster assistance.
Under the program, communities can initially borrow up to $1 million at a fixed 2% annual interest rate for cleanup, emergency repairs and other eligible costs. Loans generally run for up to two years and carry a $15,000 participation fee.
Kebe said she 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 wants stronger partnerships with police officers and firefighters as the state makes decisions about its 911 network.
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“I intend on bridging that gap and ensuring that we have a better partnership with our police officers and our firefighters when we’re making decisions about the 911 communication system,” she said.
For Elliott, protecting that network from cyberattacks would be a leading priority in a second term. He said smaller and rural communities may lack the staff and funding available to larger counties, making state support especially important.
“911 is critical infrastructure, not just infrastructure like water or roads, but infrastructure that actually saves lives,” Elliott said.
His reelection platform highlights a statewide cybersecurity assessment, dispatcher training and emergency communication services. The incumbent said he wants to build on that work with stronger defenses for local 911 systems and said he’s already discussed the issue with lawmakers ahead of the 2027 budget session.
“Most everyone has good ideas,” he said. “The question is, which ideas can you afford to do? Which ideas can you prioritize?” he said.
Elliott also sees opportunities to help local governments earn more through TrustINdiana, the state’s public investment pool. Better returns and state assistance with cybersecurity costs, he said, could ease pressure elsewhere in local budgets.
Kebe further said the property tax debate needs a fuller accounting of what changes would mean for schools, police, fire departments and other local services. She opposes eliminating the tax without explaining how those services would be funded and wants to work with experts and lawmakers on a sustainable approach.
“There are a lot of professionals in the space that are eager to partner with electeds to talk about what property tax reform could look like without us losing our our incredibly important local programs,” she said. “That’s what I would love to do: partnering with experts who can help us figure out a better, sustainable way of funding some of these programs — and not just talking about eliminating property taxes for the sake of eliminating taxes.”
Reaching more families
Both candidates share an interest in getting more people to use Indiana529 education savings accounts and INvestABLE Indiana accounts for people with disabilities.
Kebe’s plan includes broader outreach, including partnerships with labor unions, to explain that education savings can help families prepare for eligible trade school expenses as well as college. She said the office should do more to meet people in their communities and explain the tools already available to them.
Elliott wants to reach more veterans and other adults who may newly qualify for INvestABLE. A federal eligibility expansion that took effect in January allows people whose disability began before age 46, rather than before age 26, to qualify if they meet the program’s other requirements.
The accounts allow eligible people to save for qualified disability-related expenses while preserving access to public benefits, subject to program rules.
Elliott said his first-term record and experience working with local officials and legislators make him well suited to continue leading the office.
“I have built things across the board,” he said. “What I hope is that they will trust me again for this next time.”
Kebe said she would press for answers about state financial decisions and serve as a fiscal watchdog for taxpayers.
“There’s no allegiance to a party here,” she said. “The allegiance is to the people and reporting back out to them.”
Indiana Capital Chronicle is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Indiana Capital Chronicle maintains editorial independence. Contact Editor Niki Kelly for questions: info@indianacapitalchronicle.com.
