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2 of NYC’s 5 public pension funds are vulnerable to a mayor-backed Israel divestment push
(JTA) — The man who is likely to be New York City’s top finance watchdog under Zohran Mamdani — assuming they both win their races on Tuesday — has said he does not believe Mamdani could divest the city’s pension funds of their investments in Israel.
“Just doesn’t have the votes for that,” Mark Levine, the likely next comptroller, told the Jewish Telegraphic Agency in September.
But in fact, Mamdani would be able to stack the boards of two of the city’s five pension funds such that divestment from Israel could be on the table, according to a JTA analysis — and some of Mamdani’s supporters say they are optimistic.
“We have hope in a Mamdani administration,” said Leah Plasse, a school-based social worker who has been lobbying for two years for the Teachers’ Retirement System to divest from Israeli assets.
As the election draws close and Mamdani maintains his lead in the polls, Jewish New Yorkers are wondering about how a mayor who is a longstanding supporter of the Boycott, Divestment and Sanctions movement against Israel could enact his vision in New York City.
Mamdani has stated his intention not to invest city funds in Israel bonds, in keeping with the current comptroller’s decision not to reinvest when $39 million in bonds matured in 2023.
But the city’s pension funds hold Israel investments beyond Israel bonds, which are issued by the Israeli government. The BDS movement calls for divesting from “all Israeli and international companies that sustain Israeli apartheid” — expanding targets to include most Israeli companies as well as non-Israeli companies that do business with the Israeli government.
The Teachers’ Retirement System’s Israeli investments include military technology companies — which Plasse and the group NYC Educators for Palestine have honed in on — as well as a variety of businesses like energy companies, food manufacturers and fuel companies.
Altogether, the city’s five public pension funds contain approximately $315 million in Israeli assets, according to the comptroller’s office. Mamdani has not indicated an intention to push for full divestment, but he also has not denied the possibility when asked.
Asked about doing so in a JTA questionnaire last week, Mamdani responded, “I support the approach of the current comptroller, Brad Lander, to end the practice of purchasing Israel bonds in our pension funds, which we do not do for any other nation.” He also did not specifically respond to part of that question which asked how else he might advance the cause of BDS as mayor.
What’s clear is that if Mamdani chose to make divestment a priority, pathways exist within the city’s pension fund management where headway could be possible.
For each of the city’s five pension funds to make any investment decisions, its board of trustees must vote in favor. Those boards vary in size, but typically consist of the comptroller, an appointee by the mayor and a number of labor representatives. Recommendations are made to those boards by the comptroller’s in-house Bureau of Asset Management.
Levine emphasized that a mayor could not “singlehandedly” overrule the comptroller’s recommendations to divest from Israel. But on boards where the mayor has more influence over the makeup of the trustees, the mayor could do so with the help of his or her appointees.
The Board of Education Retirement System, for example, has a 28-person board of trustees — a 15-person majority of whom are appointed by the mayor. Of those 15 mayoral appointees, one is the schools chancellor, one is an independent appointee, and the other 13 are the mayoral appointees on the city’s Panel for Educational Policy. (Mamdani has said he wants to reduce the influence of the mayor on the PEP.) The number of votes required to pass a resolution in the BERS is 15, though that figure must include one of the board’s two employee-elected members.
The board of the Teachers’ Retirement System, meanwhile, consists of seven members, and requires four votes to pass a resolution. Three of the members are mayoral appointees, one represents the city comptroller, and the other three are elected by the teachers on staggered three-year terms.
The three teacher members on the board now are all drawn from the teachers union’s leadership caucus. The union, the United Federation of Teachers, endorsed Mamdani.
The other three pension funds — for police, firefighters and city employees — are less susceptible to mayoral influence because the mayor appoints a smaller proportion of members.
While the movement to boycott Israel has called for divestment since 2005, advocacy has ramped up in many places in the last two years during the Israel-Hamas war in Gaza. In New York City, pro-Palestinian advocacy groups have gained little traction under an Eric Adams mayoral administration that is not sympathetic to their activism.
In fact, the Teachers’ Retirement System board has been resistant to advocacy for divestment, according to Plasse, who noted that the board “voted to close the public comment period after 1.5 years of us coming to speak about divesting our pension.”
Plasse said she was told this change was made for the sake of consistency, as no other pension funds’ board meetings include public comment periods. But she said it felt “quite clear” the real reasoning was to stifle her and her group’s “continued advocacy.”
Indeed, groups such as NYC Educators for Palestine and Workers for Palestine have regularly sent representatives to the public meetings of the pension boards. In public comments, the activists have pointed to examples like the city’s divestment from South African businesses in the 1980s, and more recently, the funds’ unilateral decision to divest from Russian securities in 2022, to show a precedent.
“And just on a personal note, before the holidays, as a Jew, before Hanukkah begins, I truly believe in tikkun olam, which is the repairing of the world,” Plasse said in the public comment period of a December 2024 board meeting of the Teachers’ Retirement System, according to meeting minutes. “We are funding genocide. That is against my faith.”
Any effort to divest from Israel would likely butt up against Levine, who is expected to win the race for comptroller. Levine, who is Jewish, endorsed Mamdani but has said he wants the city to resume investing in Israel bonds. NYC Educators for Palestine joined the anti-Zionist group Jewish Voice for Peace outside Levine’s office last week for a protest they named “Break the Bonds,” calling his intention to invest in Israel bonds one that puts “deadly politics over the interests of working New Yorkers.”
Levine, however, says he isn’t motivated by pro-Israel sentiment. The investments, he notes, have always been sound for the city. (Levine’s campaign did not respond to requests for a follow-up interview.)
That means the issue of Israeli investments — which, according to Levine, are a sturdy piece of an investment portfolio that serves more than 750,000 New Yorkers — could bring some of Mamdani’s deeply held values into conflict. In response to JTA’s question on divestment, he emphasized the central promises of his campaign.
“My priority as mayor will be to deliver on the affordability agenda I ran on: freezing the rent, universal childcare, and fast and free buses,” Mamdani answered. “That will always be the core of my administration.”
And advocates for divestment say they won’t stop pushing the case before the pension boards. At October’s Teachers’ Retirement System board meeting, Plasse handed out a written statement calling for an investment analysis and declaring that her group would be undeterred by the board’s repeated denials.
“I am more than open to meet with anyone about anything that has been discussed here today,” the statement read. “But please know, we are only becoming more embolden [sic] to demand this change. This is our money and the time will come.”
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Why protests in Iran seem surprisingly pro-Israel
Iranian cities are engulfed in anti-regime protests, the largest in several years. Initially sparked by economic frustration, the demonstrations have quickly expanded to include broader grievances — particularly anger at Iran’s foreign policy. One chant heard repeatedly in videos circulating from inside Iran captures that anger succinctly: “Neither Gaza, nor for Lebanon — my life is only for Iran.”
The slogan refers to Iran’s long-standing support for armed groups across the Middle East, including Hezbollah in Lebanon, Hamas and Palestinian Islamic Jihad in Gaza, the Houthis in Yemen, and militias in Iraq and Syria. Qassem Soleimani, the late commander of the Islamic Revolutionary Guard Corps’ Quds Force, designed the strategy with the intention of encircling Israel with proxy forces on multiple fronts.
Today, many Iranians view that strategy as a drain on a collapsing economy. On December 28, the Iranian rial — the country’s currency — plunged against the U.S. dollar, intensifying a long-running economic crisis marked by soaring prices and an annual inflation rate of around 40 percent.
Beyond the billions of dollars Tehran has spent supporting these groups, the U.S. and European Union have imposed harsh sanctions targeting Iran’s proxy networks and nuclear program. Those sanctions have restricted Iran’s access to international banking, restricted oil exports, and discouraged foreign investment into the country, contributing to inflation and the steady erosion of the rial.
In June, Iranians came face to face with the consequences of the regime’s foreign policy when Israeli strikes across the country targeted missile and nuclear sites, as well as IRGC leaders. The 12-Day War severely disrupted daily life and resulted in the death of 436 Iranian civilians.
For many protesters, the connection feels direct: money spent sustaining proxy forces abroad brings harsher sanctions at home, raising prices, shrinking wages, and worsening daily life. With that in mind, the chant is less an endorsement of Israel than a rejection of a foreign policy that, in protesters’ eyes, prioritizes anti-Israel and anti-Western ideology over basic economic survival.
The return of monarchist symbolism
Many protesters are also calling for the return of the Pahlavi dynasty, which ruled Iran until the 1979 Islamic Revolution. Videos shared online show protesters chanting slogans in favor of the former monarchy or displaying symbols associated with it, including the pre-revolutionary Iranian flag.
The Pahlavi era was marked by rapid modernization and close ties with the United States and Israel, including a strategic alliance with Israel that consisted of economic and intelligence cooperation. At the same time, the period was also defined by political repression, censorship, and the use of secret police to silence dissent — factors that ultimately fueled the revolution that ended the monarchy.
The most prominent figure associated with the dynasty today is Reza Pahlavi, the Shah’s son, who lives in Maryland and has been outspokenly pro-Israel. Pahlavi has called for normalizing relations between Iran and Israel through what he has dubbed the “Cyrus Accords,” an expansion of the Abraham Accords. Pahlavi has commented that the “only two countries on this planet that can claim to have a biblical relationship” are “Iran and Israel.”
In April 2023, Pahlavi traveled to Israel, where he met with Prime Minister Benjamin Netanyahu, President Isaac Herzog, and paid a visit to the Western Wall, where he said he prayed “for the day when the good people of Iran and Israel can renew our historic friendship.” He even consulted Israeli water management scientists, whom he dubbed the “best experts in the field,” to help him develop a plan of action for Iran’s water crisis, which has also been a major point of contention for protestors. In June, Pahlavi’s daughter married Jewish American businessman Bradley Sherman, and the hora was danced at the reception.
On Thursday, Pahlavi called on Iranians to take to the streets en masse. Since his call to action, the protests have escalated significantly, though the extent of his influence inside Iran remains difficult to assess.
Many analysts caution that monarchist support inside Iran remains fragmented, and that Pahlavi is unlikely to emerge as a singular opposition leader. Still, the symbolism matters. The current protests have been driven in large part by young Iranians, many of whom have no direct memory of the Pahlavi era. The use of monarchist symbolism may signal not only nostalgia, but also an alternative vision of Iran’s place in the world — one less defined by permanent hostility toward Israel.
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God heard the cries of Israelites in Egypt. Who will respond to our devastation in Minnesota?
In this week’s Torah portion, Shemot, God hears the cries of the oppressed Israelites in Egypt and calls out to Moses through the form of a burning bush.
Today, here in Minnesota, cries of the oppressed can be heard, too. They come from all those who grieve the tragic loss of Renée Nicole Good, fatally shot by an Immigration and Customs Enforcement agent on Wednesday morning in front of her wife and horrified neighbors. And they come from all those feeling fear and outrage as federal agents have increased their efforts to detain immigrants, acting with new violence and brutality as they do so.
Many of my fellow Minnesotans have been frightened to leave their homes. They are not going to the jobs they rely on to afford their basic needs, or attending worship services. Parents are scared to send their children to school. Schools, daycare centers and businesses are afraid to open, as ICE makes arrests on their doorsteps. Community members who have been eager to help are now fearful, in the wake of Good’s killing, that they, too, may be targeted, harassed, or even killed.
My own child’s elementary school moved recess indoors to protect vulnerable students and staff who are worried about their safety from ICE.
In Shemot, God calls to Moses to usher in an era of change for the Israelites desperate for relief from fear, violence and vicious retribution. Moses hesitates, asking “who am I?” to take on this monumental task. God assures him that he is not alone, because God will be with him throughout the journey.
As we enter this Shabbat, with the tragedy of Good’s death fresh in our minds, we must commit ourselves to hearing the cries of all who suffer among us. That is the first step toward healing and repairing the brokenness that so many now feel.
That repair will be a monumental task. But like Moses, we are not called to do it alone.
In fact, we must not try to. Instead, we must focus our efforts on building bonds in the face of terror — not letting that terror break our connections to one another.
The Jewish sages taught that, for our ancestors, sinat chinam — baseless hatred — led to internal fracture, civil war, the destruction of both Jewish temples, and our people’s forced exile from the land of Israel. Their warning is not abstract. It reminds us that societies collapse not only because of external threats, but also because of the consequences of unmitigated internal rage.
What’s needed to correct our dangerous path?
First, a strong pushback against those voices who have issued incomprehensible personal attacks against Good since her death. Too many federal officials and media personalities have not only failed to express empathy for a life lost, but also used her death to inflame polarization.
Our state desperately needs calm and clarity. Our leaders and our citizens must forcefully affirm that Good’s death was needless and tragic, and that we will not go along with attempts to rewrite that truth.
As part of this affirmation, we must call on the federal government to allow the professional and nonpartisan Minnesota Bureau of Criminal Apprehension to fully participate in the investigation of Good’s death. No matter what findings are ultimately reached, the investigation’s credibility relies upon it being done in partnership with state and federal officials.
This event has proven what many of us already knew: The ongoing surge of more than 2,000 ICE agents into Minnesota is counterproductive to restoring public safety and public trust. Minnesotans desperately want to return to normalcy. We want to feel safe in going to school, to work, and to spend time with family and friends. ICE has brought fear and anxiety into our lives, not peace or justice. They must go.
Our country’s immigration system has been broken for decades. Congress has at points come close to reaching bipartisan, consensus-driven, comprehensive immigration reform, but political polarization has made such compromises all but impossible to reach.
We must redouble our efforts to build an immigration system based upon respect for the rule of law, compassion, and an understanding of the vital role that immigrants play in strengthening our society as a whole.
We ask our fellow Minnesotans to treat members of law enforcement, and the men and women of our Minnesota National Guard, with patience and kindness. And we urge our community to exercise compassion for the vulnerable in the days ahead.
As Jewish Americans, we have a long and proud history of supporting immigrant communities — remembering that we too were once strangers in a strange land. Not just our ancestors in ancient Egypt, whose anguish this week’s Torah portion recounts, but also here, in the U.S. We must reinvigorate that commitment — for the sake of Good’s memory, our immigrant neighbors, and the health of our whole society.
The post God heard the cries of Israelites in Egypt. Who will respond to our devastation in Minnesota? appeared first on The Forward.
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Mamdani Remains Silent on Pro-Hamas Synagogue Protest, Other NYC Lawmakers Issue Condemnations
New York City Mayor Zohran Mamdani delivers a speech during his inauguration ceremony in New York City, US, Jan. 1, 2026. Photo: REUTERS/Kylie Cooper
Newly inaugurated New York City Mayor Zohran Mamdani has remained silent regarding an anti-Israel protest outside a Queens synagogue on Thursday evening that featured chants supporting Hamas and prompted nearby Jewish institutions to shut down out of safety concerns.
The demonstration took place outside Young Israel of Kew Gardens Hills, where an event promoting Israeli real estate investments was scheduled. Dozens of protesters chanted slogans including “Globalize the intifada” and “Say it loud, say it clear, we support Hamas here,” according to video footage shared online. Hamas is designated a terrorist organization by the United States and the architect behind the Oct. 7 massacres in Israel which killed roughly 1200 and resulted in the abduction of 250 others.
The protest also unfolded near the Yeshiva of Central Queens, leading synagogue leaders to cancel evening prayer services and local schools to dismiss students early. While the New York Police Department maintained a buffer zone and no major violence was reported, residents described the atmosphere as tense and intimidating.
A chorus of condemnation has come from city and state lawmakers since the protest.
State Assemblyman Sam Berger, whose district includes the synagogue, said the mayor’s failure to speak out was “deeply concerning,” arguing that city leadership has a responsibility to draw clear lines when protests target houses of worship.
“This wasn’t an abstract political rally,” Berger said. “It was outside a synagogue, in a residential Jewish neighborhood, with chants that glorify violence. The mayor should be unequivocal.”
Governor Kathy Hochul, by contrast, swiftly condemned the protest, calling the chants “disgusting” and emphasizing that support for Hamas has no place in New York.
“No matter your political beliefs, this type of rhetoric is disgusting, it’s dangerous, and it has no place in New York,” Hochul wrote.
NYC Council Speaker Julie Menin wrote that “openly and proudly sympathizing with Hamas, especially while standing in the largely Jewish community of Kew Gardens Hills, stokes fear and division.”
Mark Levine, NYC Comptroller, repudiated the demonstrations, saying they “cannot be normalized or excused.”
Rep. Ritchie Torres, a Bronx Democrat, also denounced the demonstration, saying rhetoric that praises terrorist organizations amounts to hate, not legitimate political speech.
Meanwhile, as criticism mounted from state and federal officials, Mamdani, who took office just days earlier, did not issue a direct statement condemning the protest or the rhetoric used by demonstrators.
The protest was organized by groups affiliated with the Palestinian Assembly for Liberation (PAL-Awda) NY/NJ, which has previously promoted demonstrations targeting Israel-related events. Organizers framed the rally as opposition to Israeli land sales, but Jewish leaders say the location and language crossed a line.
The episode echoes earlier controversies surrounding Mamdani, who has faced criticism in the past for what opponents describe as equivocation when anti-Israel protests occur near Jewish religious spaces. In a previous incident outside an Upper East Side synagogue, Mamdani criticized language used by the protesters while simultaneously condemning the synagogue for hosting real estate events.
The protest comes amid an alarming surge in antisemitic hate crimes across New York City.
Jews were targeted in the majority (54 percent) of all hate crimes perpetrated in New York City in 2024, according to data issued by the New York City Police Department (NYPD). A new report released on Wednesday by the New York City Mayor’s Office to Combat Antisemitism, which was established in May, noted that figure rose to a staggering 62 percent in the first quarter of this year, despite Jewish New Yorkers comprising just 11 percent of the city’s population.
After securing the election, Mamdani has repeatedly stressed a commitment to forcefully combatting antisemitism while in office. However, a recent report released by the Anti-Defamation League (ADL) revealed that at least 20 percent of Mamdani’s transition and administrative appointees have either a “documented history of making anti-Israel statements” or ties to radical anti-Zionist organizations that “openly promote terror and harass Jewish people.”
Mamdani, a far-left democratic socialist and avowed anti-Zionist, is an avid supporter of boycotting all Israeli-tied entities who has made anti-Israel activism a cornerstone of his political career and been widely accused of promoting antisemitic rhetoric. He has repeatedly accused Israel of “apartheid” and “genocide”; refused to recognize the country’s right to exist as a Jewish state; and refused to explicitly condemn the phrase “globalize the intifada,” which has been associated with calls for violence against Jews and Israelis worldwide.
