On Monday, Israeli President Isaac Herzog awarded a Presidential Medal of Honor to Israel Bonds in a ceremony in Jerusalem, during which he praised its “outstanding work” that “serves as a solid confirmation that despite attempts to isolate us, the people of Israel never stand alone.”
Two days later, on Wednesday, Mark Levine, New York City comptroller, told the New York Times that the city will not invest in Israel Bonds, citing concerns about their investment strength.
William Daroff, CEO of the Conference of Presidents of Major American Jewish Organizations, an umbrella group that represents about 50 Jewish groups, told JNS that “Mark Levine’s decision is indefensible and repudiates the clear commitment he made to voters.”
“Israel Bonds began in 1951. Israel’s record since then is unbroken, with not one missed payment of principal or interest,” Daroff said. “Investors purchased more than $8.5 billion in Israel Bonds since Oct. 7, 2023, underscoring the strength of continued confidence in Israel and the failure of efforts to isolate it.”
“New York City should reverse course and restore its investment,” he told JNS.
Evan R. Bernstein, CEO of B’nai B’rith International, told JNS that the nonprofit is “deeply disappointed” with Levine’s decision “to reverse his clear campaign commitment and decline to reinvest New York City pension funds in Israel Bonds.”
“Israel has an unbroken record of meeting every principal and interest payment on its bonds since 1951, including those held by the city for nearly half a century,” Bernstein said. “Other major U.S. public funds continue to invest in them as sound, diversified holdings.”
The reversal, which New York City Mayor Zohran Mamdani told reporters that he welcomes, “sends an unfortunate signal at a time of rising antisemitism and sustained efforts to isolate Israel economically,” Bernstein said.
“Framing the choice solely as a narrow financial calculation does not change the larger message it delivers,” he told JNS. “We urge Comptroller Levine to reconsider and to restore this longstanding, responsible investment.”
At the ceremony in Jerusalem on Monday, Herzog said that “the proceeds from Israel bonds have been used to build and develop our economy, to promote advancements in science and technology and to provide a vital network of support during times of crisis.”
“This has never been more evident than during the past few years of uncertainty, loss and courage, here in Israel, since Oct. 7,” the Israeli president said. “The outstanding work by Israel Bonds raised $1 billion of capital in the first month following Oct. 7, and more than $8.5 billion since that dark day.”
“To us, this serves as a solid confirmation that despite attempts to isolate us, the people of Israel never stand alone,” he said. “In fact, over the past 75 years, more than $58 billion worth of Israel bonds have been purchased around the world, solidifying Israel’s long-term standing in the global market and demonstrating the trust investors have in Israel.”
“We have repaid that trust, never once defaulting, as I am certain we will continue to do,” he added.
