Full Breakdown
NYC Comptroller Reverses Pledge to Purchase Israel Bonds
By Drooid · · How we work
Core Decision
New York City Comptroller Mark Levine announced that the city will not reinvest its pension fund assets in Israel bonds, reversing a 2025 campaign promise. Levine cited “technical challenges” and “financial considerations,” not politics. The decision affects a pension system valued at roughly $325 billion and follows the maturity of the city’s prior Israel-bond holdings in early 2023.
Background & Context
The city has held Israel bonds since the 1970s. Former Comptroller Brad Lander let a $40 million allocation lapse in 2023, sparking a dispute with the mayor at the time. Levine campaigned on restoring the investment, positioning himself as a strong supporter of Israel while criticizing the current mayor, Zohran Mamdani. The issue resurfaced in early 2026 as Levine faced pressure from both pro-Israel advocates and the anti-Israel mayor.
Data & Statistics
- City pension fund assets: $325 billion.
- Current holdings in Israeli equities and securities: ? $285 million.
- Prior Israel-bond holdings that matured in 2023: ? $40 million.
- Two- and three-year Israel-bond returns have averaged ~5 %, below the pension system’s recent 13 % one-year return.
- Since Oct. 7 2023, investors worldwide have purchased > $8.5 billion in Israel bonds.
Official Statements & Responses
Levine emphasized his fiduciary duty to the city’s 750,000 retirees, requiring decisions “free of politics.” Mayor Mamdani welcomed the move, noting that New York City does not purchase bonds of any sovereign nation and should not make an exception for Israel. The American Jewish Committee praised Levine for maintaining broader Israeli equity exposure while urging continued evaluation of bond-purchase rules.
Criticism & Opposition
Jewish leaders and pro-Israel officials condemned the reversal. William Daroff, CEO of the Conference of Presidents of Major American Jewish Organizations, called the decision “indefensible.” Evan R. Bernstein, CEO of B’nai B’rith International, described it as “deeply disappointing,” citing Israel’s flawless payment record since 1951. Consul General Ofir Akunis labeled the decision “economically damaging” and warned it could fuel antisemitism. Republican gubernatorial candidate Bruce Blakeman accused the mayor’s administration of enabling rising antisemitism, while former Comptroller Scott Stringer warned that abandoning the bonds could undermine a historically sound investment.
Verbatim Quotes
- “I always said this would be based on financial considerations only, not politics — that's still my position,” — City Comptroller Mark Levine
- “I don't believe that our city should purchase Israel bonds, we don't purchase the bonds of any other sovereign nation, I don't think we should make an exception when it comes to Israel,” — Zohran Mamdani, mayor
- “Israel Bonds began in 1951. Israel’s record since then is unbroken, with not one missed payment of principal or interest,” — William Daroff
- “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,” — Evan R. Bernstein, CEO of B’nai B’rith International
- “We urge Comptroller Levine to reconsider and to restore this longstanding, responsible investment.” — Ofir Akunis, consul general of Israel in New York
Conflicting Reports & Gaps
Sources differ on the precise size of the city’s Israeli-related holdings: the comptroller’s office cites $285 million in equities, while a New York Post spokesperson referenced $285.42 million in broader Israeli investments. The exact nature of the “technical challenges” Levine mentioned remains unspecified, leaving regulatory or market constraints unclear.