Palm Beach County’s government has emerged as the world’s biggest municipal investor in Israel Bonds, as New York’s new mayor, Zohran Mamdani, backs boycotts of the Jewish state.
Palm Beach Comptroller Mike Caruso announced Wednesday the purchase of $350.5 million in Israel Bonds, bringing the county’s total investment in Israel Bonds to $1 billion.
That’s the largest investment in Israel Bonds of any local government in the US or the world.
The stake in Israel Bonds accounts for 16% of Palm Beach’s investment portfolio.
“Investment policy is not politics, but are purely a function of safety, liquidity and a market rate of return,” said Caruso.
“Israel Bonds are paying a higher rate than other allowable investment alternatives, including U.S. Treasuries, and will provide a substantial return on investment for the people of Palm Beach County.”
Palm Beach Commissioner Maria Sachs, meanwhile, said Israel is America’s “greatest ally” during a press conference.
The state of Florida pension fund invests $350 million, and the New York State pension has nearly that much much invested.
The move comes months after it was revealed that former New York City Comptroller Brad Lander, a critic of Israel policy, has stopped putting new cash from the city’s pension holdings in Israel Bonds.
Mamdani, meanwhile backs the boycott, divestment and sanctions movement against Israel over land disputes with Palestinians, and has called Israel an apartheid state.
A rep for Israel Bonds confirmed that Palm Beach County is its biggest investor.
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“We are deeply grateful for Palm Beach County’s continued partnership and confidence in Israel Bonds. This investment is part of a broader surge in global investments, with the third consecutive year of more than $2 billion in annual worldwide sales, and over $5.7 billion raised globally during the two years since Oct.7,” said Israel Bonds president and CEO-Dani Naveh.
