At a candidate discussion board earlier this month, Brad Lander sidestepped a politically explosive query about whether or not he would as mayor push to have town’s pension funds divest from Israeli authorities bonds in protest of the nation’s battle in Gaza.
“We don’t have any Israeli bonds because that’s just, that’s a category of investments that we don’t currently, that we don’t have,” he replied on the Feb. 5 mayoral candidate discussion board hosted by the New York Progressive Motion Community, avoiding taking a stance on the hot-button problem.
A spokesman for Lander, who in his present job as metropolis comptroller manages the 5 pension funds, acknowledged these Israeli investments are lively.
However the spokesman, Miguel Arreola, didn’t absolutely stroll again Lander’s Feb. 5 feedback. Regardless that Lander didn’t make such a distinction on the discussion board, Arreola stated the pension funds technically aren’t “invested directly” in Israeli authorities bonds. Quite, Arreola stated the pension funds’ Israeli bonds are held by way of third social gathering funding trusts, like Vanguard.
Arreola nonetheless wouldn’t say, although, the place Lander stands on the underlying problem of getting the pension funds divest from Israeli authorities holdings, whether or not they’re invested instantly or by way of trusts. Lander’s foremost obligation as comptroller is making certain the fiscal well being of the pension funds, to allow them to preserve overlaying the month-to-month funds municipal retirees are entitled to, his workplace stated.
The flap over Lander’s discussion board feedback underscore the fraught nature of the progressive motion pushing for divesting from Israel amid its battle in Gaza, which has left practically 50,000 Palestinians lifeless, together with hundreds of youngsters. Israel launched the battle — at present in a ceasefire set to run out this weekend — in response to the Oct. 7, 2023 terror assault, through which Hamas militants killed greater than 1,200 Israelis and took tons of extra hostage.
Funding choices by the 5 pension funds are made collectively by quite a few trustees that embrace Lander. Lander hasn’t used his energy as comptroller to introduce proposals for the pension funds to tug out of Israeli holdings, as many progressive activists are calling on him to do.
Days after his feedback on the discussion board, NYPAN, which has made calling for divesting from Israeli holdings a key plank in its agenda, endorsed Lander for mayor, saying in an announcement his “bold vision for our city is exactly what’s needed.”
“Though he misspoke, he was conscientious enough to follow-up and check, which we appreciate. Next time we meet with him, now that he is aware of those investments, we will ask him to explain how he will leverage those investments to stop many of the horrible things the Netanyahu Government is doing, especially in the West Bank, and potentially in support of Trump’s proposed forced exile of 2 million people from Gaza,” Schwartz stated.
President Trump greets Israel’s Prime Minister Benjamin Netanyahu on the White Home on Feb. 4. (Photograph by JIM WATSON/AFP by way of Getty Photos)
The battle has set off intense debate in New York Metropolis, together with within the 2025 mayoral race, through which many candidates, together with Lander, have referred to as for a everlasting ceasefire within the battle. Mayor Adams is among the solely candidates who hasn’t joined these calls.
Whereas progressive teams like NYPAN have additionally urged Lander to tug all metropolis authorities pension cash out of Israel in protest of the battle, he alone wouldn’t have the ability to make such a transfer on his personal as a result of nature of the funds’ operations. Quite, a majority of trustees at every of the 5 funds would wish to vote in assist of such a transfer.
The trustees embrace quite a lot of stakeholders. As an example, among the many trustees overseeing the NYC Workers’ Retirement System, town’s largest pension fund, are a mayoral consultant, the comptroller, the general public advocate, the 5 borough presidents and key labor leaders just like the DC 37 head.
