NYC comptroller walks back pledge to invest in Israel bonds

New York City Comptroller Mark Levine, who is Jewish, says he is walking back his campaign pledge to invest city funds in Israel bonds.

Levine is a moderate, closely connected to the mainstream Jewish community, and supportive of Israel, while criticizing the Netanyahu government. He often addresses crowds in Hebrew at Jewish community events.

He is a prominent player in city politics — the comptroller is viewed as the second-highest elected position in city government, and before becoming comptroller, Levine was the Manhattan borough president.

The city’s investments in Israel bonds has been an issue for years. Levine’s predecessor, Brad Lander, is also Jewish, but further to the left and more harshly critical of Israel. Lander had decided against reinvesting in Israel bonds when the city’s holdings of around $40 million matured in early 2023, saying he had made the call for financial reasons.

The decision led to a spat between Lander and the pro-Israel mayor at the time, Eric Adams.

During his campaign, Levine had pledged to buy Israel bonds, but now says he will not, citing financial factors, not politics.

“As of now, we feel that because of some technical challenges, and because of financial considerations, that this is not an investment that we can make right now,” Levine tells The New York Times.

The bonds have historically been a reliable investment, but due to Israel’s military conflicts in recent years, ratings agencies have downgraded the bonds.

“I always said this would be based on financial considerations only, not politics — that’s still my position,” Levine says.