New York City Declines to Buy New Israeli Bonds
Translated & summarized from Mignews by baba
New York City's Financial Controller Mark Levin announced the city will not purchase new Israeli government bonds due to financial considerations, not political boycott. The city's pension funds still hold over $285 million in Israeli companies. While anti-Israel groups and Mayor Zohran Mamdani welcomed the move, Levin cited investment rule changes and his duty to protect city funds. Major Jewish organizations supported the decision, emphasizing responsible financial management alongside economic ties.
The story in 6 lines · by baba
- New York City will not purchase new Israeli government bonds, citing financial reasons.
- Financial Controller Mark Levin stated the decision is not a political boycott.
- NYC pension funds hold over $285 million in Israeli companies.
- Mayor Zohran Mamdani and anti-Israel groups welcomed the move.
- Levin cited changes in investment rules and his fiduciary duty.
- Major Jewish organizations supported the decision, emphasizing financial responsibility.
New York City has decided not to purchase new Israeli government bonds to replace those that have matured, according to The Times of Israel. Financial Controller Mark Levin stated that the decision is based purely on financial considerations and asset management requirements, not political boycott.
Pension funds in New York City currently hold over $285 million in investments in Israeli companies, primarily in commercial equities. The total assets of these pension funds exceed $300 billion. Levin acknowledged Israel as a dynamic economy and its assets as a significant part of the portfolio, emphasizing that this move does not indicate participation in the BDS movement against Israel.
Anti-Israel organizations and New York City Mayor Zohran Mamdani welcomed the decision. However, Levin rejected claims of political pressure, attributing the move to changes in short-term investment rules implemented by his predecessor. He indicated that future investments in Israeli government bonds remain under consideration, stressing his primary responsibility is safeguarding the city's pension funds, despite his personal ties to Israel.
Major Jewish organizations in New York, including the Jewish Community Relations Council and the Anti-Defamation League's regional office, refrained from criticizing the decision, highlighting the importance of maintaining strong economic ties with Israel while managing finances responsibly.
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