Indiana’s state treasurer repeatedly stood against big banks canceling accounts and releasing customer data of Christians and conservatives for viewpoint discrimination. A pending must-pass bill in Indiana’s Republican-run legislature would strip some of Treasurer Daniel Elliott’s powers and could give them to those same banks.

A measure currently part of state budget negotiations due to conclude April 29 would demote Elliott from manager of a $3 billion local government investment fund to one of a five-member board managing that fund. Three other members of the board would be banking executives. The fifth would be the director of Indiana’s Department of Financial Institutions, the state’s bank regulator.

The arrangement would create a financial conflict of interest because any bank stands to benefit from where these government funds are invested. The measure currently inside must-pass House Bill 1001 is being pushed by the Indiana Bankers’ Association