10/22/2026
Please bear with me:
Today is another REPRESENTATIVE REVIEW, since we will have our treasurer candidate (Coumba Kebe For Indiana) today at our Cedar Lake Town Hall; we are looking at both Rep. Aylesworth (83) and Treasurer Daniel Elliott.
Recently, a District 11 resident shared an email from Rep. Aylesworth regarding Indiana’s purchase of Israel Bonds. In his response, he supported maintaining financial relationships with Israel to strengthen Indiana’s economy and create opportunities for Hoosiers.
I fundamentally believe Indiana taxpayer money should be invested here at home, not in foreign financial bonds, especially ones that have gotten riskier in the past few years. Our tax dollars should support our schools, workers, infrastructure, and communities before we send public money overseas.
Israel Bonds now raise serious financial concerns. Israel’s credit ratings have been downgraded, and Fitch has issued a negative outlook, meaning there is a high chance they could default on those bonds. Meanwhile, these bonds generally offer interest rates around 4% to 5%, raising questions about whether the returns justify the risks. Pictured below is a chart visualizing their ranking, which shows they are closer to junk bonds than being rated AAA.
Indiana law, IC 5-13-10.5-10 (pictured below), includes a specific exception allowing the state to purchase bonds issued by Israel without meeting the usual highest credit rating requirements (AAA). At a bare minimum, I believe this exception should be removed so taxpayer investments are held to consistent standards.
Israel has also faced significant economic challenges since the war in Gaza began in late 2023, including business closures, declining tourism, and increased military spending. Money raised through Israel Bonds goes into the country's general fund and can be used for a wide range of government expenses.
Treasurer Daniel Elliott and Comptroller Elise Nieshalla are both involved with the State Financial Officers Foundation (SFOF). In May 2024, the organization supported a resolution promoting Israel Bonds, and both officials pledged their support.
So, how much has Indiana invested?
In November 2023, Treasurer Elliott pledged another $35 million in Israel Bonds, bringing the state's investment to $100 million. In 2024, he renewed existing bonds and purchased another $10 million. In August and September 2025, additional commitments totaled $10 million.
Meanwhile, the Indiana Public Retirement System, which Treasurer Elliott sits on the board for, increased its investment in Israel Bonds from $3.2 million in September 2023 to $20.6 million in March 2026.
According to these figures, Indiana and the Indiana Public Retirement System have a combined $140 million invested in Israel Bonds.
As your next state representative, I will work to remove the special exception in Indiana law and advocate for investments that support our own communities. That means prioritizing Indiana's schools, roads, workers, and local governments while protecting taxpayer dollars through responsible investment decisions.
Hoosiers First. Always! Our tax dollars should work for the state and those living here. It just seems odd that our taxpayer money from the state of Indiana goes to anything outside this country, even a financial loan like these bonds.