Cuyahoga County decides not to reinvest the $2million in Israel bonds
BY RUBY DARWISH | Posted December 1, 2025
Embedded Files
Noise disruption at a Cuyahoga County Council meeting on September 10, 2024.
Noise disruption at a Cuyahoga County Council meeting on September 10, 2024.
Photo by Ruby Darwish
Photo by Ruby Darwish
CLEVELAND, Ohio — Cuyahoga County will allow another $2 million in Israel bonds to expire without reinvestment, a decision many in Cleveland’s Palestine solidarity movement see as a long-overdue step toward ending local financial support for a government they accuse of carrying out a devastating genocide against Palestinians in Gaza.
Treasurer Brad Cromes notified county leadership last week that he would not renew the bonds, pointing to liquidity concerns, the declining financial outlook of Israel’s bond market and better investment options elsewhere. The bond matured Monday, Dec. 1.
For decades, Cuyahoga County has funneled the entire $16 million it is permitted to invest in foreign bonds into the State of Israel, even as Israel’s occupation, settlement expansion and repeated bombardments of Gaza have faced international criticism and allegations of severe human rights violations, including a July 19, 2024, International Court of Justice ruling declaring Israel’s occupation of the Gaza Strip and West Bank unlawful. Despite intense public pressure, County Executive Chris Ronayne has defended the investments, declaring last year, “We are not moving away from Israel bonds,” even as the death toll in Gaza climbed.
Since late 2023, however, the county has quietly allowed $5 million in Israel bonds to lapse without renewal. With Monday’s maturity, the total held by the county falls to $11 million. According to Cromes, another $5 million will mature in December 2026, with additional bonds expiring in 2028 and 2029.
Cromes initially paused all long-term investments earlier this year amid financial uncertainty and a worsening budget crisis for Cuyahoga County. The county briefly reached a target of $100 million in cash reserves in August, which had been cut in half by November, prompting another investment freeze.
While Cromes noted Israel has historically repaid the county, he laid out several reasons the county should not continue reinvesting:
— Israel’s credit rating has been repeatedly downgraded during the war in Gaza. Moody’s and Standard & Poor’s have issued multiple downgrades since Israel escalated its military assault, reflecting global concerns about the country’s political instability and war spending.
— The county’s own finances are too strained to justify locking away millions. With a significant budget deficit and looming cuts to essential health and human services, Cromes said the county cannot afford to loan money it may need in the near term.
— Israel bonds no longer provide the financial advantage they once did. Their yields have dropped, making them a weaker investment option compared to others.
Cromes said the county will not sell off its remaining $11 million early, citing logistical, financial and potential legal barriers, but said the county will reassess each bond as it matures.
The county’s investments in Israel triggered some of the largest protests in recent county government history. Week after week, Palestinian, Arab, Muslim, Jewish and allied community members filled county council chambers demanding complete divestment from Israel bonds. Protesters denounced the county’s financial ties to Israel as complicity in the ongoing assault on Gaza, where entire neighborhoods have been destroyed and estimates of Palestinians killed or displaced range in the hundreds of thousands. In response to the demonstrations, council members restricted public comment rules, a move critics called an attempt to silence dissent.
“The county is making a sound financial decision, but this isn’t just about finances. We should be making clear statements as human beings that investing in genocide and illegal, violent settler expansion in the West Bank and Gaza is a gross misuse of our tax dollars,” said Dr. Shereen Naser, a Cleveland State University psychology professor and community organizer.
“The amount of racism displayed by Israel bond supporters, including in a mass email they recently sent to county officials calling Palestinians terrorists and denying the genocide, is abhorrent. We need our elected leaders to take clear stands against investing our dollars in violence and to stand up against all racism, including anti-Arab and anti-Palestinian racism,” she said.
Treasurer Brad Cromes notified county leadership last week that he would not renew the bonds, pointing to liquidity concerns, the declining financial outlook of Israel’s bond market and better investment options elsewhere. The bond matured Monday, Dec. 1.
For decades, Cuyahoga County has funneled the entire $16 million it is permitted to invest in foreign bonds into the State of Israel, even as Israel’s occupation, settlement expansion and repeated bombardments of Gaza have faced international criticism and allegations of severe human rights violations, including a July 19, 2024, International Court of Justice ruling declaring Israel’s occupation of the Gaza Strip and West Bank unlawful. Despite intense public pressure, County Executive Chris Ronayne has defended the investments, declaring last year, “We are not moving away from Israel bonds,” even as the death toll in Gaza climbed.
Since late 2023, however, the county has quietly allowed $5 million in Israel bonds to lapse without renewal. With Monday’s maturity, the total held by the county falls to $11 million. According to Cromes, another $5 million will mature in December 2026, with additional bonds expiring in 2028 and 2029.
Cromes initially paused all long-term investments earlier this year amid financial uncertainty and a worsening budget crisis for Cuyahoga County. The county briefly reached a target of $100 million in cash reserves in August, which had been cut in half by November, prompting another investment freeze.
While Cromes noted Israel has historically repaid the county, he laid out several reasons the county should not continue reinvesting:
— Israel’s credit rating has been repeatedly downgraded during the war in Gaza. Moody’s and Standard & Poor’s have issued multiple downgrades since Israel escalated its military assault, reflecting global concerns about the country’s political instability and war spending.
— The county’s own finances are too strained to justify locking away millions. With a significant budget deficit and looming cuts to essential health and human services, Cromes said the county cannot afford to loan money it may need in the near term.
— Israel bonds no longer provide the financial advantage they once did. Their yields have dropped, making them a weaker investment option compared to others.
Cromes said the county will not sell off its remaining $11 million early, citing logistical, financial and potential legal barriers, but said the county will reassess each bond as it matures.
The county’s investments in Israel triggered some of the largest protests in recent county government history. Week after week, Palestinian, Arab, Muslim, Jewish and allied community members filled county council chambers demanding complete divestment from Israel bonds. Protesters denounced the county’s financial ties to Israel as complicity in the ongoing assault on Gaza, where entire neighborhoods have been destroyed and estimates of Palestinians killed or displaced range in the hundreds of thousands. In response to the demonstrations, council members restricted public comment rules, a move critics called an attempt to silence dissent.
“The county is making a sound financial decision, but this isn’t just about finances. We should be making clear statements as human beings that investing in genocide and illegal, violent settler expansion in the West Bank and Gaza is a gross misuse of our tax dollars,” said Dr. Shereen Naser, a Cleveland State University psychology professor and community organizer.
“The amount of racism displayed by Israel bond supporters, including in a mass email they recently sent to county officials calling Palestinians terrorists and denying the genocide, is abhorrent. We need our elected leaders to take clear stands against investing our dollars in violence and to stand up against all racism, including anti-Arab and anti-Palestinian racism,” she said.
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