In addition to working for the IBA, Wells became an instructor in IU's Department of Economics and Sociology in 1930. By 1931 Wells had become the director of research for the state government's Study Commission for Indiana Financial Institutions, in addition to his jobs at the IBA and IU. Wells was the main author of the commission's report that recommended far-reaching reforms to Indiana's financial regulations and policies, many of which were adopted by the Indiana General Assembly in 1933 had a major impact on the state's banking laws.