NYC Comptroller Reverses Decision to Buy Israeli Bonds
Translated & summarized from Behadrei Haredim by baba
New York City Comptroller Mark Levine will not renew the purchase of Israeli government bonds, citing financial and technical reasons. This decision reverses a campaign promise and follows a similar move by his predecessor. While the city halts new bond purchases, it maintains investments in Israeli companies. The state of New York's pension fund, however, continues to hold Israeli bonds.
The story in 5 lines · by baba
- NYC Comptroller Mark Levine will not renew purchases of Israeli government bonds.
- Levine cited financial and technical reasons, not political ones, for the decision.
- The move reverses a campaign promise made by the Comptroller.
- The city still holds over $285 million in investments in Israeli companies.
- New York State's pension fund continues to hold $333 million in Israeli bonds.
New York City Comptroller Mark Levine has decided not to renew the purchase of Israeli government bonds, reversing a campaign promise made just ten months after taking office. Levine, a self-described supporter of Israel, stated that his team determined the investment is currently not financially viable. He emphasized that the decision was based solely on economic and technical considerations, not political ones.
Officials in Levine's office cited Israel's credit rating downgrades, regional instability, and a preference for shorter-term bonds as factors making the investment less attractive compared to other market alternatives. Levine directly oversees approximately $1.3 billion of the city's $326 billion pension fund. While new government bond purchases are halted, the city continues to hold over $285 million in investments in Israeli companies.
This move follows the policy of Levine's predecessor, Brad Lander, who stopped renewing Israeli bonds in 2023 after a $40 million debt matured. Levine's decision comes amid local political pressures, including opposition from Council Member Zohran Mamdani and protests from boycott activists. Levine acknowledged that when he pledged to resume purchases during his campaign, he anticipated an improved Israeli credit rating and more favorable interest rates, which have not materialized.
The decision's significance is primarily symbolic and moral, as the amount of debt previously held by the city was negligible compared to Israel's overall debt issuance. Furthermore, the state of New York's pension fund, managed by State Comptroller Thomas DiNapoli, continues to hold about $333 million in Israeli bonds and has no plans to alter its policy.
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