INDIANAPOLIS – State Treasurer Daniel Elliot, who championed removing personal ideologies from state investment strategies throughout the legislative session, said Wednesday that Indiana had made a significant purchase of Israeli bonds to support the U.S. ally.
“Israel is our most important ally in the world. This investment reflects the confidence that I have in the Israeli people and the Israeli economy,” said Elliott in a release. “… October 7th remains one of the darkest days in the history of the world. Yet, I remain confident that Israel will prevail over the forces of evil.”
The release said it was the largest known purchase of Israeli bonds since the country retaliated against a deadly Hamas attack and kidnappings. Hamas is considered a terrorist organization and does not represent all Palestinian people
On Oct. 7, Hamas killed more than 1,400 and kidnapped 200 Israeli citizens. At least 8,000 Palestinians have died following attacks from Israel as the country cut off food, electricity, and humanitarian aid to Gaza. A ground invasion is now commencing.
Elliot’s duties include overseeing the investment of $17 billion in state assets and managing state funds. He and lawmakers emphasized the need to prioritize only return on investment — something he said in his statement Israel would provide.
“Israeli bonds have provided high return rates for investors, even outperforming their American counterparts. Historical data suggests this is a great opportunity for Hoosier taxpayers,” Elliot said.
An office spokesperson said the decision to invest came after a presentation to Elliot and his team where they learned about “an opportunity to purchase bonds at 28 basis points higher than US Treasuries, which are the baseline that most tend to use as a comparison.”
Indiana’s investment in Israel increased from $65 million to $100 million following Elliot’s move.
