Democratic candidate Coumba Kebe is challenging Republican incumbent Daniel Elliott for Indiana state treasurer in the Nov. 3 midterm general election.
Indiana’s state treasurer oversees billions of dollars in state investments, chairs the Indiana Bond Bank, which helps local governments access low-cost financing, and oversees programs that help families save for college and people with disabilities save for future expenses.
However, Kebe said in an interview with the Indiana Daily Student that many Hoosiers do not know what the office does or how its decisions affect them.
Kebe said she wants to make the office more transparent and connect its financial decisions to issues Hoosiers face, from rising expenses to struggles with power outages and floods.
Indiana communities have and continue to face varying challenges such as hospital closures, limited health care access, rising costs and infrastructure needs, particularly in rural areas, Kebe said.
Kebe also said financial reports should be easier to find and understand. She thinks the treasurer’s office should use more social media, press conferences and simple explanations to reach more people. She also questioned whether the state’s financial priorities reflect the challenges residents are facing.
“Transparency goes beyond posting the information. You've got to explain it in a way that makes sense to people,” Kebe said.
If elected, Kebe said she would increase awareness of existing financial programs. She specifically mentioned the CollegeChoice 529 program, which helps families save for education, and the ABLEnow program for eligible people with disabilities.
Kebe acknowledged that the treasurer cannot directly make decisions about state policy. However, she said the office can explain the financial consequences of lawmakers’ decisions and advocate for solutions to issues such as childcare and health care access.
“I believe that Indiana should have reserves,” Kebe said. “But what does that mean when we celebrate billions while people are actively struggling to pay their bills?”
Kebe also said the treasurer’s office could play a larger role in supporting local communities, particularly those facing infrastructure challenges. She said she has visited 47 Indiana counties and heard concerns about struggling rural communities.
As chair of the Indiana Bond Bank, the treasurer helps oversee the Community Funding Resource Program local governments can use to access financing. Kebe said she would assess needs across all 92 counties and prioritize low-interest loans for communities that need them.
In the interview she also pointed to prolonged power outages in Gary, Indiana as an example of why she believes local governments need better emergency preparation and a faster response to disasters, with the treasurer’s office focused on post-disaster financial resources and assistance.
“Government should move quickly when it comes to assisting local governments, especially after a disaster,” Kebe said.
Kebe questioned whether Indiana’s investments in Israeli state bonds were delivering the best possible returns, arguing that investment decisions should prioritize financial performance over political considerations. Elliott’s office has described the bonds as both strong-performing and a reflection of Indiana’s relationship with Israel.
State investments in Israel total $135 million, including $120 million in Israeli state bonds and $15 million for Iron Nation-Indiana, Kebe said.
Iron Nation-Indiana is an initiative launched by Gov. Mike Braun on April 13, 2026, to promote innovation and economic growth by building partnerships between Indiana businesses, universities and health care systems and Israeli technology companies.
Kebe said she wants more Hoosiers to recognize that the treasurer’s office can influence issues beyond state investments.
“If at the end of four years, everyone in the state of Indiana realizes that the treasurer's office has a massive influence on the broader system and could make a massive impact to make our lives better, if more Hoosiers are aware of that,” Kebe said, “then that will be a huge win because we would have changed the narrative behind this office.”
Kebe’s campaign announced it has raised $374,904, exceeding the $287,000 raised by former U.S. Secretary of Transportation Pete Buttigieg during his 2010 campaign for the state treasurer’s office, according to a campaign press release.
Kebe said the fundraising support reflects Hoosiers’ concerns about rising costs, including property taxes, gas prices and utility bills. The announcement followed an endorsement from Buttigieg, who praised Kebe’s focus on public service and government accountability.
In his official biography, Elliott, who was elected state treasurer in 2022, emphasized his experience in investment management, technology and local government. He did not respond to multiple requests for an interview with the IDS.
According to Elliott’s campaign website, he previously founded a software development company, Intelli-leap. Before becoming state treasurer, Elliott served on the Morgan County Council for more than four years and was president of the Morgan County Redevelopment Commission from 2013 until 2022.
As treasurer, Elliott oversees the management of state investments and chairs several boards and authorities, including the Indiana Bond Bank, the Statewide 911 Board and the Indiana Education Savings Authority.
“There’s more to do, especially protecting 911 and local systems from cyber threats,” Elliott told Current on Oct. 12.
Elliott has made investment returns a central part of his reelection campaign, arguing that strong returns can help reduce the burden on taxpayers. An investment return is the money the state earns from investing public funds, through methods like interest on bonds.
According to the Indiana Treasurer’s Office, the state earned $1.24 billion in general fund investment returns since Elliott took office in January 2023, more than the previous 10 years combined. Elliott has said his approach focuses on protecting taxpayer dollars while generating strong returns.
“Every dollar that I raise in revenue for the state of Indiana through these investments is a dollar that we don’t have to tax Hoosiers,” Elliott told Indiana Public Radio in October 2025.
Indiana voters will cast their ballots for treasurer Nov. 3.
