Yee Takes A Stand For Israel, Plans To Increase Investments

Yee Takes A Stand For Israel, Plans To Increase Investments

by | Oct 20, 2023 | Economy, News

By Daniel Stefanski |

One Arizona leader is using her statewide office to support Israel at a time when that nation faces tremendous threats to its security.

Arizona State Treasurer Kimberly Yee recently announced that her office “plans to increase Israel bond holdings to support Israel during this time of crisis.” Yee’s press release shared that the State Treasurer’s Office “has been investing in Israel bonds since 2013 and currently has $15 million in holdings.”

Treasurer Yee issued a statement in conjunction with her announcement, saying, “In the wake of the distressing news of the horrific terrorist attacks in Israel, I promptly directed my investment team to contact our esteemed partners in Israel to increase our Israel bond holdings as we continue to stand firmly with Israel. The state of Arizona is a friend and ally of Israel, and it is imperative that we support them through our actions, and not just our words.”

Yee also took an opportunity to highlight the importance of her action and encourage her colleagues around the country to follow suit. She said, “Israel bonds are a secure and reliable investment option that not only contributes to the Arizona Treasury’s diversified investment portfolio, but also strengthens our support and partnership with the State of Israel. Investing in Israel bonds is something that I not only support, but also urge my fellow state financial officers to do as well, especially in this time of crisis. In this time of adversity, it is our duty to stand resolute and support Israel as a nation.”

The Treasurer’s Office noted that “Israel bonds serve as an investment option for individuals, institutions and nations worldwide to support the economic growth and stability of the State of Israel,” adding that “investments in Israeli bonds offer both reliable financial returns and contribute to Israel’s economic and strategic well-being.”

According to Yee’s office, “the Israeli government will be issuing new bonds and Arizona has been placed at the forefront of the list of institutional buyers.”

The second-term Republican Treasurer has been a staunch supporter of Israel throughout her time in public service, using her platform and her office to stand with the American ally to the full extent of her authority. During her first term, Yee led the efforts to become “the first state in the country to enforce Anti-BDS laws (Boycotts of Israel) by divesting $143 million from Unilever, the parent company of Ben & Jerry’s, in response to the company ending distribution of its products in parts of Israel.”

In 2022, Treasurer Yee also notified Morningstar Inc. that they were at risk of being placed on the Arizona Treasury’s prohibited investment list for violating Arizona law by actively boycotting the State of Israel. Yee said, “It is my duty to defend Arizona’s anti-BDS law and I will ensure that Arizona does not do business with companies that are attempting to undermine Israel’s economy.”

Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.

House Committee Passes Bill Requiring Public Entities to Divest From Companies Boycotting Israel

House Committee Passes Bill Requiring Public Entities to Divest From Companies Boycotting Israel

by | Mar 4, 2022 | News

By Corinne Murdock |

The House Government and Elections Committee passed a bill requiring public entities to divest from companies boycotting Israel. The bill passed 8-5: those who voted against the bill were State Representatives Kelli Butler (D-Phoenix), Sarah Liguori (D-Phoenix), Lorenzo Sierra (D-Avondale), Christian Solorio (D-Phoenix), and Jennifer Jermaine (D-Chandler). 

SB1250 requires all public entities, which includes universities, to take action within three months of the state treasurer releasing its list of companies that boycott Israel. Last September, Treasurer Kimberly Yee declared that Arizona would divest from ice cream company Ben & Jerry’s due to its violation of the state’s law barring Israel boycotts. The bill requires public entities to publish a list of investments sold, redeemed, divested, or withdrawn on its website annually. Public entities would be indemnified and held harmless for these divestments.

A spokesman from the treasurer’s office explained that SB1250 would hold other public entities to the same standard as their policy. He said that one company has announced divestment measures: Unilever.

State Representative Alma Hernandez (D-Tucson) said that she’s fought against the Boycott, Divestment, and Sanctions (BDS) movement for its “hateful” rhetoric, false accusations, and general attacks toward Jewish peoples. Hernandez noted that on February 10 the leader of the Arab party in Israel, Mansour Abbas, refused to characterize Israel as an apartheid state.

“No one here is trying to stop a student from boycotting or anyone’s First Amendment right to speech,” said Hernandez. “A vote against this is really showing that we are standing with BDS and I don’t think we should be doing that as a state.”

Liguori stated that the Israel-Palestine conflict is complex and took issue with the bill because supporters were conflating their personal and political ideologies with economic prowess. Liguori said that Ben & Jerry’s marked a slippery slope of picking with countries to divest from, and argued that legislators were singling out one company for political reasons. 

Prior to his vote for the bill, State Representative Jake Hoffman (R-Queen Creek) argued that the testimonies from the Arizona State University (ASU) students furthered his resolve to not provide additional funding for the universities due to the students’ misunderstanding of basic constitutional concepts and foreign affairs.

The Senate passed the bill last month with mixed support from Democrats and complete support from Republicans.

Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.