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New York Democrat Comptroller Candidate’s Plan to Divest From Israel Is Imprudent, Republican Opponent Says
Joseph Hernandez, Republican candidate for New York State Comptroller, speaking with voters. Photo: Hernandez campaign
The plan of a Democratic candidate for New York comptroller to divest the state of its holdings in Israel bonds violates the fiduciary duties of an office which oversees the management of hundreds of billions of dollars in pension funds and other assets, his Republican opponent, Joseph Hernandez, told The Algemeiner during an exclusive interview on Monday.
Hernandez, a Cuban refugee whose family fled the Castro regime, explained that the proposal, promised by former Kansas state Rep. Raj Goyle (who moved to New York after a failed bid for US Congress in 2010), would amount to an endorsement of the boycott, divestment, and sanctions (BDS) movement against Israel while alienating a country widely regarded as arguably the most reliable US ally.
Israel bonds, he added, are one of the safest assets a government could own. He has promised to invest $1 billion in them if he is elected.
“From a purely financial perspective, these are good investments. You would put your own money in this for sure, and you shouldn’t apply politics to the equation,” he said. “Imagine if we stopped investing the bonds of other foreign countries or vice versa because of disagreements over policy. That’s just bad decision making.”
“The economic rationale for investing in Israeli bonds is impeccable,” Hernandez continued. “Israel has an exploding technology sector producing giant leaps in artificial intelligence and the next generation of health care and biotech. We should be partnering with them in these areas, beyond the bonds. I think the relationship, from an investment perspective, should be broader. As the fiduciary and ultimately as the sole trustee of the New York State pension fund, I will seek ways not only to increase investment on the bonds side but also to collaborate on bringing the next generation of technologies to New York and promote a new era of job growth in the state.”
In New York City specifically, records show that Israel bonds, historically yielding approximately 5 percent annually, have outperformed many alternatives.
As for the state overall, Israeli firms pour billions of dollars and tens of thousands of jobs into the local economy, and business experts have warned that a push for divestment could lead Israeli-associated and Jewish-owned companies to leave.
A study released by the United States-Israel Business Alliance in October revealed that, based on 2024 data, 590 Israeli-founded companies directly created 27,471 jobs in New York City that year and indirectly created over 50,000 jobs when accounting for related factors, such as buying and shipping local products.
These firms generated $8.1 billion in total earnings, adding an estimated $12.4 billion in value to the city’s economy and $17.9 billion in total gross economic output.
As for the entire state, the report, titled the “2025 New York – Israel Economic Impact Report,” found that 648 Israeli-founded companies generated $8.6 billion in total earnings and $19.5 billion in gross economic output, contributing a striking $13.3 billion in added value to the economy. These businesses also directly created 28,524 jobs and a total of 57,145 when accounting for related factors.
From financial tech leaders like Fireblocks to cybersecurity powerhouse Wiz, Israeli entrepreneurs have become indispensable to the innovation ecosystem. The number of Israeli-founded “unicorns,” privately held companies with a valuation of at least $1 billion, operating in New York City has quadrupled since 2019, increasing from five to 20.
However, anti-Israel activists in the US have been pushing for state and local governments, in addition to businesses, universities, and various cultural forums to divest all assets from Israel-linked entities in accordance with the BDS movement.
The BDS movement seeks to isolate Israel on the international stage as the first step toward its elimination. Leaders of the movement have repeatedly stated their goal is to destroy the world’s only Jewish state.
Goyle’s plan would enact the divestment component of BDS by aiming to limit Israel’s capacity to issue bonds for the purpose of borrowing money, a core function of government which raises capital for expenditures such as roads and bridges while contributing to economic health, market stabilization, and a high credit rating.
The New York Post reported last month that Goyle wants to fully divest $338 million in foreign assets, including Israel bonds, from New York’s retirement fund.
“I’m here to tell you that when I am comptroller, we will not renew the foreign bond portfolio of the state comptroller’s office and that includes Israel bonds,” Goyle told a gathering of supporters of the left-wing Working Families Party. “We will not send a blank check for [Israeli Prime Minister] Benjamin Netanyahu’s war crimes in Gaza.”
The state comptroller’s office manages pensions for state and municipal workers and runs the Common Retirement Fund, one of the largest pension funds in the country with a $291 billion investment portfolio. It currently holds about $337.5 million in Israel bonds.
“I live in New York, the largest Jewish population outside of Israel. I see what this community contributes to America and to our society,” he said. “The relationship that we have is unbreakable and it is one we should continue to invest in both socially, politically, and financially.”
Across the political spectrum, Israel bonds are widely considered wise investments.
“They’re stable, they’re guaranteed, they’ve never had a problem, and it’s a good investment,” state Assemblyman David Weprin, a Democrat and former chair of the New York City Council Finance Committee, told the Post.
Goyle is not the only New York Democrat advocating a rupture in the state’s financial relationship with Israel. New York City Mayor Zohran Mamdani, who entered office last month, has been an outspoken supporter of the BDS movement.
Mamdani, a far-left democratic socialist who has made anti-Israel activism a cornerstone of his political career, has repeatedly accused Israel of “apartheid” and refused to recognize its right to exist as a Jewish state.
Such positions have raised alarm bells among not only New York’s Jewish community but also Israeli business owners and investors, who fear a hostile climate under Mamdani’s leadership.
His election came after former New York City Comptroller Brad Lander refused last year to renew some Israel bonds in the city’s pension fund, which is a separate entity. The office of then-Mayor Eric Adams accused Lander of pushing a political agenda by moving to withdraw millions of dollars in city pension funds from bonds issued by the Jewish state.
On Monday, Hernandez pledged to be beholden to New York’s taxpayers and not fringe ideological groups.
“There’s a reason that this is an independent elected role,” he concluded. “It’s supposed to be a role that doesn’t take political filters or use politics for decision making. This is about fiduciary duty and what it is in the best interest of the taxpayers, and I intend to execute to that effect.”
Both Goyle and Hernandez are vying to unseat incumbent state Comptroller Tom DiNapoli, a Democrat.
Follow Dion J. Pierre @DionJPierre.
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US Owners of Irish Soccer Team Fire Chair for Saying Ireland Should Not Compete Against ‘Genocidal’ Israel
Soccer Football – UEFA Nations League Draw – Brussels Expo, Brussels, Belgium – Feb.12, 2026, General view during the draw. Photo: REUTERS/Benoit Tessier
The director and co-chairperson of the professional Irish soccer club Drogheda United has been fired after saying that Ireland should not compete against Israel in the upcoming UEFA Nations League and that the Jewish state should be “banned and boycotted by all.”
The Trivela Group, the American investment firm that owns the League of Ireland team, said in a statement on Monday that Joanna Byrne was dismissed and thanked her for her “longstanding and ongoing dedication to the Club and its success.” The move came after Byrne said in February that the Football Association of Ireland (FAI) should not play their scheduled UEFA Nations League match against Israel and accused the Jewish state of committing a “genocide” against Palestinians.
Ireland was drawn to go head-to-head against Israel and will play an away game against the Jewish state on Sept. 27 before hosting the Israeli team in Dublin on Oct. 4.
“Trivela Group can confirm that, pursuant to its authority as sole shareholder of Drogheda United FC, Joanna Byrne has been removed by Trivela Group as a director of the Club,” read a statement posted on Drogheda’s website. “At this time, the Board of Directors consists of Benjamin Boycott, Marc Koretzky, Barton Lee, and club CEO Rian Wogan. Mr. Boycott for the time being, will serve as the sole Chairperson, and the club will look to appoint a local director and Co-Chair in due course.”
In a Facebook post on Monday, Byne reiterated her “strong stance” that Ireland “should not play Israel in the UEFA Nations League while a genocide against the Palestinian people continues.” She called her firing a “cold, underhand move by Trivela, initiated in the dark of the night, which was planned and coordinated without any consultation with me. This is symptomatic of the way they do business.”
“I am deeply committed to Drogheda United and want to see it flourish,” she added in part. “I will continue to elevate it, and the League of Ireland more broadly at every opportunity.”
Byrne is the Sinn Féin spokesperson on culture, communications, and sport. Drogheda United was the first League of Ireland Club to appoint a female chairperson.
In February, after the FAI confirmed that it would compete against Israel in the UEFA Nations League, Byrne released a statement denouncing the decision. She noted that the FAI submitted a motion to UEFA in November to ban Israel from its European club and international competitions.
“In November, the FAI voted to submit a motion to UEFA to ban Israel … That was the correct moral and principled position to take,” she said in February. “Therefore, I am extremely angry and dismayed that the FAI have confirmed they will play against Israel. It appears that their morals, and principled position, was only on paper – not in actions where it counts. Israel should not be in this competition.”
“UEFA should have expelled them as soon as Israel went into Gaza on a genocidal, ethnic cleansing mission that has seen tens of thousands of innocents murdered, including hundreds of sports men and women,” she added. She said Israel “should be treated the same as Apartheid South Africa was, and be banned and boycotted by all.”
Byrne also accused the UEFA of having “double standards” for banning Russia after it invaded Ukraine in 2022 but not banning Israel following its military actions in Gaza. Israel launched a military campaign against Hamas after the Palestinian terrorist group invaded southern Israel on Oct. 7, 2023, massacring 1,200 people and taking 251 hostages to Gaza.
“I hope the FAI knows the furor that will be coming for them from the Irish football fans – the vast vast majority will not want to see our Boys In Green in the same stadium as the Israeli team,” she said in her statement at the time. “I have said it before when I was asked about Israel’s participation in Eurovision and in other sporting fixtures and I will repeat it again now: Israel is an apartheid state who have engaged in ethnic cleansing and genocide. Their behavior cannot be accepted or normalized.”
After she made the anti-Israel comments in February, Bryne claimed the board of Drogheda United said her position as chairperson of the club “was no longer tenable” because of her remarks. The board also expressed “an expectation that I would resign, something I have told them that I intend to resist,” she added.
Trivela Group confirmed last week that it issued a written instruction demanding she resign as director and co-chair of the club.
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Bahrain Pushes UN-Backed Action for Hormuz Shipping; France Tables Rival Text
A map showing the Strait of Hormuz is seen in this illustration taken June 22, 2025. Photo: REUTERS/Dado Ruvic/Illustration
UN Security Council members have begun negotiating resolutions to protect commercial shipping in and around the Strait of Hormuz, including a Bahraini draft that would authorise the use of “all necessary means” — language France has warned will be difficult to adopt.
The move underscores mounting regional concern that Iran could continue to threaten the strategic chokepoint, which carries about a fifth of global oil supplies and underpins Gulf economies.
Shipping through the waterway has already slowed to a near‑halt after Iran struck vessels amid its conflict with the United States and Israel.
Diplomats said Bahrain‘s draft, seen by Reuters and backed by other Gulf Arab states and the United States, uses diplomatic language to authorize force.
France circulated a more conciliatory alternative text, also seen by Reuters, and diplomats said talks were under way to assess whether the two drafts could be reconciled.
France‘s Foreign Minister Jean‑Noel Barrot told lawmakers that there was little certainty Bahrain‘s bid to permit the use of force — a power the Security Council can grant under Chapter VII of the UN Charter, which allows measures from sanctions to military action — would win enough backing among member states. “The coming days will tell,” he said.
BAHRAINI RESOLUTION DETAILS
The Bahraini resolution describes Iran’s actions as a threat to international peace and security.
It would authorize countries — acting alone or through voluntary multinational naval coalitions — to use “all necessary means” in and around the Strait of Hormuz, including in the territorial waters of countries along its shores, to ensure passage and to prevent moves that block or interfere with international navigation.
It also expresses readiness to impose measures, including targeted sanctions.
Bahrain‘s Ambassador to France, Essam al-Jassim, told Reuters discussions were at an early stage.
“External protection has clear limits. International coalitions help secure sea lanes and stabilize markets, but their response remains largely reactive,” he earlier told a defense forum in Paris.
“They do not address, for example, escalating state-backed attacks, and without doing so, disruptions will persist.”
The Bahraini and US missions to the United Nations did not immediately respond to requests for comment.
The text “demands that the Islamic Republic of Iran immediately cease all attacks against merchant and commercial vessels and any attempt to impede lawful transit passage or freedom of navigation in and around the Strait of Hormuz.”
FRENCH RESOLUTION MAKES NO MENTION OF IRAN
Diplomats said there was little prospect of such a resolution being adopted by the Security Council as Iran’s partners Russia and China were likely to veto it if necessary.
A Security Council resolution needs at least nine votes in favor and no vetoes by Russia, China, the US, Britain, and France. The Russian and Chinese missions to the United Nations were not immediately available for comment.
France on Monday submitted its own draft, taking a more conciliatory tone and aiming to build broader support within the council.
President Emmanuel Macron, who has suggested having a UN framework for any action in the Hormuz, has refused to take part in any immediate operations to secure the strait, saying that international efforts could only happen once hostilities calm, insurance and shipping firms are consulted and with Iran’s consent.
The French resolution makes no mention of Iran and is not under Chapter VII. It “urges all parties to refrain from further escalation, calls for a cessation of the ongoing hostilities in the Persian Gulf, the Strait of Hormuz and the Gulf of Oman, and calls for a return to the path of diplomacy.”
Rather than authorizing action, the text encourages states with an interest in commercial maritime routes in the strait to coordinate strictly defensive measures — including escorting merchant vessels — in full respect of international law, including the law of the sea.
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Airstrikes Target HQ, Leader of Iran-Backed Shi’ite Militia Umbrella Group in Iraq
Mourners carry the coffin of Saad al-Baiji, the Popular Mobilization Forces’ Anbar operations commander, who was killed in airstrikes that targeted a PMF site in Iraq’s western Anbar province, during his funeral, in Baghdad, Iraq, March 24, 2026. Photo: REUTERS/Ahmed Saad
Airstrikes hit a headquarters of Iraq‘s umbrella group for Iran–backed Shi’ite militias and a residence belonging to its leader on Tuesday, killing at least 15 fighters in an escalation of US-Israeli strikes on one of Tehran’s main regional allies.
At least 30 other people were wounded in the strikes on a headquarters of the Popular Mobilization Forces in Iraq‘s Euphrates valley province of Anbar, according to medical officials who said some were in serious condition and the death toll could rise. Reuters filmed ambulances bringing the wounded to hospital in the regional capital Ramadi during the night.
The dead included the PMF’s operations commander in the province, Saad al-Baiji. Later on Tuesday, a large crowd of angry mourners carried his coffin and portraits through the streets of Baghdad.
Two security sources said the strikes had hit the PMF headquarters during a meeting attended by senior commanders.
A separate airstrike hit a residence belonging to the PMF’s leader Falih al-Fayadh in the northern city of Mosul. He was not present at the building which he uses only during visits to the city, according to the two security sources. A PMF statement said its office in the city was destroyed and one fighter wounded there.
Such damaging strikes against the PMF create political difficulty for Prime Minister Mohammed Shia al‑Sudani, who has to walk a careful line maintaining the support both of Washington and of factions in the Shi’ite-majority country that are aligned with Iran.
Sudani ordered an emergency meeting of the Ministerial Council for National Security to be convened, said a statement from the Iraqi military’s joint operations command.
The statement said the 15 PMF fighters were killed in a “US-Zionist airstrike”, the first time Iraq‘s military has blamed Israel alongside the United States for bombing the PMF.
The PMF, known in Arabic as Hashd al-Shaabi, is an umbrella group of mostly Shi’ite paramilitary factions that was formally integrated into Iraq‘s state security forces and includes several groups aligned with Iran.
Tehran-backed armed groups have launched attacks on US bases in Iraq and the US embassy since the United States and Israel launched their war on Iran on Feb. 28. Washington has had an influential presence in Baghdad since its 2003 invasion that overthrew dictator Saddam Hussein, a Sunni Muslim, and replaced him with Shi’ite-led governments friendly with Iran.
The US-Israeli war on Iran has spilled across Iran‘s borders, with Tehran launching strikes on Israel and Gulf Arab states hosting US military installations, while Israel has carried out attacks in Lebanon following cross-border fire by Iran-aligned Hezbollah.