Mark Levine intends to reverse the divestment decision made by Brad Lander and reallocate funds into Israel Bonds, as stipulated in his planned tenure as the next NYC comptroller.
In a significant shift from current policy, Manhattan Borough President and Democratic nominee for NYC Comptroller, Mark Levine, has announced plans to reinvest city pension funds into Israeli bonds. This move aims to align the Big Apple's pension fund with other major U.S. pension funds that already include this investment.
Currently, New York City's pension fund is the only major pension fund in the U.S. that does not include Israeli bonds in its portfolio. Levine has emphasised the importance of including these investments, suggesting it is a standard, prudent, and beneficial practice that other pension funds follow.
This approach differs from the decision made by the current Comptroller, Brad Lander, who has maintained the exclusion of Israeli bonds from the pension fund investments. Under Lander’s oversight, the pension funds have not been invested in Israeli bonds, a stance that Levine is now seeking to reverse if elected.
Lander's decision not to reinvest in Israeli bonds when they matured was made to follow pension fund guidelines. However, his decision was criticized during his mayoral campaign, with opponents suggesting that he may have been influenced by ethical, political, or financial considerations, although these reasons were not explicitly detailed in sources.
The New York state pension system, run by state Comptroller Tom DiNapoli, has more than $360 million invested in Israel. The Big Apple first invested $30 million in State of Israel Bonds in 1974 under former city Comptroller Harrison Goldin through its pension funds for educators.
Scott Stringer, Lander's predecessor as comptroller, was infuriated with Lander for claiming that he and other prior comptrollers invested in Israeli bonds for political, not sound financial, reasons. Stringer told The Post that Lander got busted for BDS'ing the pension system and now has to own up to it.
If elected, Levine's plans to reinvest in Israeli bonds could mark a significant policy shift in the city's pension investment practices. However, it is important to note that the specific reasons for Lander's exclusion of Israeli bonds and Levine's detailed financial or political motivations beyond reinvestment being aligned with what other pension funds are doing are not fully detailed in the available sources.
- The proposed plan by Mark Levine to reinvest city pension funds into Israeli bonds aligns with the practices of other major U.S. pension funds, indicating a potential shift in the general-news and finance landscapes of the Big Apple.
- Amidst the criticism faced by Brad Lander for his decision not to reinvest in Israeli bonds, Mark Levine's candidacy for NYC Comptroller promises a shift in business and politics, potentially altering the city's pension fund investment policies.
