Last year, city Comptroller Brad Lander ended a decades-long state of exception enjoyed by the Israeli government, which was the only foreign country that city pension funds were directly invested in. Previous comptrollers’ decisions “to invest only in Israel bonds… and to invest assets intended for short-term cash management in longer-term bond instruments, was a political decision, not a fiduciary one,” Lander explained. But now, while Israel commits daily atrocities, the Democratic nominee for NYC Comptroller, Mark Levine has explicitly pledged to re-invest city pension funds in Israel Bonds.
As holders of pension funds, city workers, and Jewish New Yorkers, we see Lander's policy as common-sense good governance and condemn Levine’s pledge to reinvest in Israel Bonds as fiscally reckless and morally indefensible. Our pension money should not be used to fund the Israeli government as they starve children to death.
Israel Bonds are unrestricted loans to the Israeli government. They underwrite every one of that government’s actions: blockading food and medicine from civilians, maintaining segregated roads and communities, starting wars across the region, and murdering innocent Palestinians. And, increasingly, these horrific actions aren't just immoral - they're bad business: the Israeli economy is unstable, and its bonds ratings have recently been downgraded and assessed as having a "negative" outlook, meaning they're riskier investments than ever.
In the midst of horrific war crimes in Gaza, reinvesting New Yorkers’ pension money in just one foreign government would violate the Comptroller office's obligations, playing deadly politics even as public opinion turns rapidly against Israel’s actions. Israel is becoming an international pariah, and the next Comptroller must not contravene the will of New Yorkers - and his obligation to fiscal responsibility - by making a political investment in the country.
We sign this letter as part of a growing coalition — led by Jewish New Yorkers — coming together to demand a reversal of this morally corrosive and fiscally dangerous strategy. We demand an end to apartheid, genocide, murder, and starvation, and refuse to see our hard-earned money invested in these war crimes. And we demand the next comptroller work for us, the working people of New York City, and not for anti-Palestinian donors, foreign special interests, and apartheid strongmen. Mark Levine has an opportunity to start his term as Comptroller with goodwill, support, and collaboration from a broad cross-section of New Yorkers. Investing our money in Israel would squander that opportunity, marking an abandonment of his duties and constituents.
