WikiCommons / MTA

New York City Comptroller Mark Levine has decided not to reinvest in Israel Bonds, reversing a campaign pledge he made prior to taking office. Levine, who manages investments for the city’s five public pension funds with more than $326 billion in assets, stated that the bonds do not meet the criteria for a strong investment. As reported by The New York Times, Levine maintains he remains supportive of Israel despite his decision to avoid the bonds.

The move follows a precedent set by his predecessor, Brad Lander, who allowed the city’s longstanding investments in Israel Bonds to lapse as they matured. A spokesperson for Israel Bonds, Nate Miller, criticized the decision in a statement to JNS, pointing to the nation's consistent financial track record. "The State of Israel has made every payment of principal and interest on its bonds, on time, since 1951, including every payment owed to New York City’s pension funds over nearly fifty years," Miller said. He added that the organization remains open to further discussions with the comptroller's office.

Levine’s shift drew praise from New York City Mayor Zohran Mamdani, who expressed support for the decision at a press conference on Wednesday. "We don’t purchase the bonds of any other sovereign nation," Mamdani said. "I don’t think that we should make an exception when it comes to Israel."

Jon Levine of the Washington Free Beacon called it “a nakedly political concession to Mamdani from Mark Levine, who ran for office promising the exact opposite—genuinely stunned”, while Dov Hikind, a former New York state assemblyman, criticized the decision as “a perfect example of a coward: a sellout and a fraud trying to appease the dangerous lunatics on the left driving N.Y. and the country off a cliff. Shame on you.”

While the city will not pursue new investments in the bonds, approximately $300 million of city pension funds remains invested in Israeli equities, with additional smaller amounts held in Israeli real estate.