NYC Comptroller Reverses Pledge to Invest in Israeli Bonds
Translated & summarized from Israel Hayom by baba
New York City Comptroller Mark Levin will not renew pension fund investments in Israeli government bonds, citing financial reasons despite past pledges. The decision maintains his predecessor's policy and reverses Levin's campaign promise to reinvest. Levin stated the choice is based on "technical challenges" and financial considerations, not politics, though regional instability and credit rating concerns are cited. The city's pension funds still hold over $285 million in Israeli companies.
The story in 5 lines · by baba
- NYC Comptroller Mark Levin will not renew pension fund investments in Israeli government bonds.
- Levin cited financial considerations and technical challenges for the decision, reversing a campaign pledge.
- The decision maintains the policy of his predecessor, Brad Lander, who halted such investments in 2023.
- The city's pension funds still hold over $285 million in investments in Israeli companies.
- Mayor Zohran Mamdani, a supporter of the BDS movement, had opposed renewing the investment.
New York City Comptroller Mark Levin has decided not to renew the city's pension fund investments in Israeli government bonds, reversing a campaign promise. In an interview with The New York Times, Levin, a Democrat and previously a strong supporter of Israel, stated that the decision was based solely on financial considerations, not politics. He explained that "technical challenges" and financial factors make it an unsuitable investment at this time, though his office continues to review the matter.
This decision maintains the policy of his predecessor, Brad Lander, who in 2023 refused to renew Israeli bonds that matured, at which point the holdings were approximately $40 million. Levin had pledged during his campaign to reverse this decision and had defended the investment after taking office in January, highlighting in April that Israeli bonds had never missed a payment in 70 years. He also criticized the protests against investments in Israel while similar investments in Saudi Arabia, Pakistan, and China went unchallenged.
Levin, who is Jewish, speaks Hebrew, and has family and friends in Israel, acknowledged the personal difficulty of the decision. He also expressed concern about the current political situation in Israel and criticized Prime Minister Benjamin Netanyahu's government. His office cited credit rating downgrades for Israel during the recent conflicts as a factor impacting the investment's attractiveness, even though rating agencies have since revised their outlooks from negative to stable.
Despite the stated financial reasons, The Times noted that Levin's office invests in bonds with lower yields than Israeli bonds. His team cited regional instability and a preference for shorter-term bonds as justifications. The decision also has a political dimension, as Mayor Zohran Mamdani, who supports the BDS movement, had opposed renewing the investment, stating in January that the city should not purchase Israeli bonds. However, the final decision rests with the comptroller, who oversees about $1.3 billion in funds, from which the Israeli bonds were previously purchased. Levin confirmed that the pension funds still hold over $285 million in investments in Israeli companies.
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