Why It Matters
Indiana voters will choose between Republican Treasurer Daniel Elliott and Democratic challenger Coumba Kebe on Nov. 3. The treasurer manages more than $16 billion and oversees several state financial and public-safety entities.
What Happened
Elliott is seeking a second four-year term after first winning statewide office in 2022. His office reported about $1.785 billion in state general fund investment earnings during his first term, including about $450.2 million in fiscal year 2026.
Elliott has argued that investment earnings can ease pressure to raise taxes. He also opposes environmental, social and governance investing. Indiana lawmakers approved restrictions on pension investments in 2023, and Elliott placed BlackRock on a watchlist in June 2024.
The Indiana Public Retirement System board voted in December to replace BlackRock as manager of a roughly $969 million inflation-linked bond portfolio. BlackRock disputed the allegations connected to the watchlist.
Kebe founded Scope Consulting and previously lost the Democratic primary for House District 29. She has worked in Medicaid and senior care for the past decade and supports greater disclosure of investment costs and risks.
Kebe wants more accessible reporting on state holdings, investment performance and fees. Her proposed communication methods include social media, quarterly public reporting, press conferences and community meetings. She also wants to advocate for changes to Medicaid and childcare policy.
Elliott described himself as focused on the technical aspects of the office, saying, “I am probably the biggest nerd in the building.” Kebe framed her approach around residents, saying, “We’ve got to focus on people.”
By the Numbers
Nearly $1.8 billion — state investment earnings touted by Daniel Elliott
Nov. 3 — election date
Four years — additional term Elliott is seeking
More than $16 billion — funds managed by the treasurer
2022 — year Elliott was first elected to statewide office
About $1.785 billion — state general fund investment earnings during Elliott’s first term
About $450.2 million — state general fund investment earnings in fiscal year 2026
Past decade — Kebe’s experience in Medicaid and senior care
2023 — year Indiana lawmakers approved pension-investment restrictions
June 2024 — month and year Elliott placed BlackRock on a watchlist
Roughly $969 million — inflation-linked bond portfolio managed by BlackRock
Zoom Out
The election covers both investment management and the treasurer’s broader responsibilities. The office leads the Indiana Bond Bank and Statewide 911 Board, oversees savings programs, and serves as sole trustee of the State Police Pension Trust.
Both candidates support expanding the treasurer’s work with local communities, helping more Hoosiers use state savings programs, and working with lawmakers on local-finance and family-financial-pressure proposals. Their differences center on investment oversight, public disclosure and the office’s role in Medicaid and childcare policy.
What’s Next
Elliott and Kebe will compete in the Nov. 3 election. The winner will direct Indiana’s investment operations and the other responsibilities assigned to the treasurer.