Comptroller Levine won't resume Israel Bonds purchases, reversing a campaign pledge

New York City Comptroller Mark Levine is walking back a central campaign promise on Israel Bonds. His office will not resume purchasing the Israeli government debt for the city's Cash Desk, a change first reported by the New York Times and confirmed Wednesday by Levine's spokesperson and Mayor Zohran Mamdani.

amNewYork and The Forward both reported the reversal. Levine had pledged during the 2025 Democratic primary to restore the investments after then-Comptroller Brad Lander allowed roughly $39–$40 million in holdings to mature in 2023 without reinvestment, citing the city's general practice against foreign sovereign debt.

What Levine's office says

"Decisions about whether to invest Cash Desk funds in Israel Bonds, or any other financial instrument, are made strictly on financial grounds, based on what best serves the City and its pensioners," a Levine spokesperson told amNY. The Times reported that Levine and his investment team pointed to financial concerns, including lower credit ratings and instability in the Middle East. Levine told the Times the analysis is ongoing and left open a future purchase, The Forward reported.

Levine's office stressed that the city's pension systems still hold about $285.42 million in Israel-based public equities and public fixed-income investments through broader portfolios, amNY reported. The Forward put related holdings at about $285 million, including stocks and more than $1 million in Israeli real estate investment trusts.

Political reaction

Asked at an unrelated press conference, Mamdani welcomed the decision. "I welcome the comptroller's decision," he said, according to amNY and The Forward. "It is something that I've said in the past that 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 that we should make an exception when it comes to Israel." He added that the call was Levine's to make.

Lander, now a congressional candidate, told The Forward by text that pension funds are not invested in other foreign countries' bonds and that earlier Israel Bond purchases were "a political move, not a fiduciary one." Levine has remained a vocal supporter of Israel in other settings; amNY noted he joined a Gravesend call last week for a permanent Oct. 7 memorial.