6 MARCH / APRIL 2023 As I write this column, we are halfway through the state legislative session. Your government relations team is working hard to advocate at the Statehouse for Indiana banks and bankers against policies that, even if well-intentioned, will have grave consequences if passed in the form we find them at this midway point. HB 1008 would require the Indiana Public Retirement System (INPRS) to not do business with any outside investment manager that provides or markets investments focused on environmental, social and governance policies, often referred to as ESG investing. INPRS would also be banned from doing business with any bank or investment firm perceived by the state treasurer or attorney general to have divested from or limited investment in certain protected industries, including fossil fuels, firearms and agriculture. We’ve already seen how taxpayers lose when elected leaders play politics with finances. A study from the University of Pennsylvania looked at a Texas law banning its municipalities from doing business with banks that have ESG policies against fossil fuels and firearms. They found the law has driven down competition for public-sector business, leading to higher interest rates on municipal bonds that are expected to cost taxpayers an extra $300-530 million. Indiana banks invest in their communities every day. Not only are they a financial bedrock, but bankers like you give of your own time, talent and treasure. Hoosier bankers give more than 250,000 volunteer hours in this state annually, teach more than 100,000 Hoosier children Don’t Miss Out! Mega Conference May 16-18 Mega is the largest, most comprehensive state banking event in the nation. Commercial Lending School June 5-9 Mid-level bank officers and commercial loan officers receive a thorough understanding of commercial lending administration. Annual Convention August 27-29 Indiana bank leaders convene, connect and conduct IBA business in scenic French Lick. For event updates, visit: indiana.bank/calendar Amber R. Van Til President and CEO Indiana Bankers Association AVanTil@indiana.bank VANTAGE VIEWPOINT financial literacy and donate nearly $30 million to community causes through local fundraisers and in-kind donations. These ties help bankers know their communities, both the people and their needs. Banks then make lending decisions based on their own risk tolerance and the expertise of their employees, as well as the creditworthiness of applicants. We’re calling on lawmakers to let our bankers focus on their fiduciary duty for the benefit of Hoosiers who depend on these investments for their retirement after a life of public service. While advocating for our members at the Statehouse, Dax and Ross also helmed our annual Legislative Briefing and Reception on Jan. 31, with the help of our incredible IBA support staff. They have a more detailed report from that event on pages 12-14 of this issue. Thank you to the many bankers, IBA associate members and elected officials who took time to make the event a success. As we continue into the second half of the legislative session and into the rest of the year, remember that the IBA staff works every day mindful that the association’s success is judged by the success of you, our members. It’s an honor to serve! HB Thomas C. Fite, director of the Indiana Department of Financial Institutions, addressed bankers at the IBA’s annual Legislative Briefing & Reception at the Hyatt Regency Indianapolis, Jan. 31, 2023.
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