Earlier this week, Indiana Secretary of State Diego Morales posted on social media that due to his efforts, Hoosier investors’ money would no longer be used against their interests. Indiana Treasurer Daniel Elliott also has a similar message posted on the top of his X account. Morales and Elliot were referring to Indiana public employee pensions no longer being invested through BlackRock.
What Morales and Elliott failed to tell the public is that BlackRock was quietly replaced by State Street Global Advisors, a firm whose commitment to DEI and ESG ideology rivals, and arguably exceeds, BlackRock’s.
Elliot and Morales’ half-truths should come as no surprise. Both have long been associated with former Vice President Mike Pence and the Pence family, who have become infamous for feeding Trump supporters lies while failing to follow through on America First policy demands. Mike Pence refused to stand up for election integrity on January 6th, and then proceeded to primary President Trump in 2024. This is a perfect example of the “Pence Playbook,” but it’s hardly the only example.
Morales hasn’t limited this misleading narrative to social media. His campaign website, Diego for Indiana, proudly lists “What we have achieved,” boasting that he “issued a cease and desist against BlackRock to ensure Hoosier investors are protected and their money is not being used against their interests.” Notably absent from the website is any mention that State Street replaced BlackRock. If the outcome were truly a victory for Hoosiers, Morales wouldn’t need to hide the fine print.
As exposed in conservative reporting earlier this year, State Street’s DEI policy is on par with, if not worse than, BlackRock’s. In response to President Trump’s executive orders dismantling DEI across the federal government, State Street attempted to rebrand itself by dissolving its standalone diversity board. But it’s all for show. The company’s website still features a prominent “Global Inclusion and Diversity” page bragging that its board is 38% female and 23% racially diverse. Beneath those figures is an awards section highlighting State Street’s 2024 DEI and ESG honors. Obviously, State Street’s board remains heavily influenced by DEI hiring priorities.
Even Senator Ted Cruz has identified State Street as a central player in pushing DEI and ESG through America’s retirement systems. Cruz recently introduced legislation aimed at preventing asset managers handling federal retirement funds from using ideological criteria in investment decisions, legislation that explicitly targets State Street and BlackRock.
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Morales’ deception becomes even less surprising when his political supporters are examined. His official biography confirms that he worked for Mike Pence during Pence’s time as governor. In 2022, Pence headlined a fundraiser for Morales’ Secretary of State campaign, long after Pence had alienated the MAGA base and while he was openly attacking President Trump ahead of his failed 2024 presidential run.
Mike Pence is not the only Pence family member supporting Morales. Indiana campaign records show that Mike Pence’s brother, Greg Pence, donated to Morales’ Secretary of State campaign through his congressional campaign committee. Interestingly, Indiana state campaign records show that Greg Pence’s campaign was based out of deep-blue Boston, Massachusetts. Greg Pence did not seek reelection in 2024; many believed his last name in Indiana could have made winning a Republican primary difficult.
Indiana Treasurer Daniel Elliott is also closely associated with the Pence family. An X post from 2024 on his official Treasurer X account shows Elliott welcomed Karen Pence, Mike Pence’s wife, to the Indiana State House.
Similar to Pence, Elliott has embraced hypocritical policy positions. In 2024, Elliott was among the seventeen Republican state treasurers that sent State Street a letter continuing to accuse the company of promoting ESG and DEI in the marketplace. The letter specifically notes that State Street pressures portfolio companies to adopt diversity, equity, and inclusion (DEI) policies and asserts that “effective board oversight of a company’s long-term business strategy necessitates a diversity of perspectives, especially in terms of gender, race, and ethnicity.”
Indiana is a perfect example of a state that overwhelmingly supports President Trump, yet due to RINO influence, the state’s policies can never truly reflect what voters desire. Secretary of State Morales’ failure to inform voters about State Street while claiming victory over DEI policies is dishonest and wrong.
Hoosiers deserve transparency, integrity, and policies that reflect their values, not Pence-aligned “America First” fakers like Diego Morales.
