A Cuyahoga County Council resolution seeking to ban the county’s investments in State of Israel bonds and all other foreign securities is scheduled to be formally withdrawn at the June 18 City Council meeting by co-sponsors Vice Chair Cheryl L. Stevens and Councilman Patrick Kelly, Councilman Sunny Simon told the Cleveland Jewish News.
“I do not support this resolution,” said Simon, who represents District 11, which includes Beachwood, Lyndhurst and South Euclid. “I am pleased that my colleagues have decided to withdraw the resolution and I respect their position in wanting to have a dialogue within the community.”
Resolution-2024-0208 was originally proposed at the council meeting June 4. The resolution reads, “Requests the Cuyahoga County Mayor and County Treasurer to immediately halt the County’s further investments in bonds and other government securities issued by the State of Israel; requests the Investment Advisory Board to amend the County’s investment policy to prohibit future investments in foreign securities; and declares that this resolution shall take effect immediately.”
Stevens, who represents District 10, which includes Cleveland Heights and University Heights, and Kelly, who represents District 1, which includes Rocky River and Bay Village, could not be reached for comment.
Simon said he supports investing in Israel bonds to support Israel, but at the same time, the investment committee must “come back to the county and make that decision” taking into account the county’s finances and needs.
“It’s important to understand that the resolution they filed is not calling for immediate divestment,” Simon said. “There will be no financial burden on the county. There seems to be a misunderstanding on this point. It was a resolution encouraging people not to invest in foreign bonds going forward.”
Jason Uliger, chairman of the Cleveland Jewish Federation’s government relations committee, told The CJN it was “good news” that the resolution was off the table for now. He had previously told The CJN that he believed the resolution was anti-Israel and met the International Holocaust Remembrance Alliance’s tentative definition of anti-Semitism.
Uliger said that if the resolution were to pass, it would “not only be harmful to Israel” but would also create an even worse environment that would lead to an “astronomical increase” in anti-Semitic incidents.
“Israel bonds have been a safe, reliable and high-return investment for the county,” Uliger said. “Those who try to take this option away from the county treasurer are doing a disservice to the people of Cuyahoga County.”
Urigar also said there has been talk that Stevens and Kelly are exploring other avenues to end those investments beyond the proposed solution. He said there’s “no guarantee” Cuyahoga County residents won’t see another version of the solution.
“We’re not going to be fooled by that,” Uliger said. “We know what they’re doing. We know what they’re trying to do. We’re going to strongly oppose any attempt to impose new restrictions on Israel.”
Uliger said the withdrawn resolution was the result of “very strong and united” opposition from the Jewish community.
Simon said that as a Jew, he did not believe that Stevens or Kelly were anti-Semitic.
“I feel that they are both very supportive of the Jewish community and I think it’s a great benefit to have colleagues like that,” Simon said. “… We have to look at the record, not just one resolution.”
“I don’t believe the answer is to pass this resolution here and I apologize for getting emotional,” Simon said at the June 4 city council meeting. He also told The CJN on June 14 that he “doesn’t see a time in the near future to do that.”
“It would not be a wise decision to change our policy while the war is ongoing because I believe it would demonstrate a lack of support for the Jewish community,” Simon said.
Rabbi Miriam Geronimus, founding president of the Cleveland Jewish Community, spoke in support of the resolution at the June 4 meeting. In a June 14 email to The CJN, Geronimus said she was “disappointed that Reps. Stevens and Kerry have withdrawn the resolution.”
“This is not about anti-Semitism,” Geronimus said at the meeting. “Wartime or not, it is completely inappropriate for Cuyahoga County to give a blank check to any country, Jewish or not. … Cuyahoga County should be investing in the lives of families here in Cuyahoga County. My tax dollars should be used to support my life and the lives of my neighbors.”
Rabbi Scott Rowland of Congregation Shaari Tikva in Beachwood told The CJN that the resolution is not a “realistic, meaningful solution” to the conflict between Israel and Hamas, nor is it a “wise financial decision” for the county and state.
“Investing in Israel bonds is beneficial in a number of ways,” Rowland said, “not only for the Jewish community but also for Cuyahoga County. To begin with, the bonds themselves are a very good investment and the returns are higher than many other investments.”
In response to the proposed resolution, Rowland and more than 30 other rabbis signed a June 11 Northeast Ohio Rabbi’s Statement Against Boycott, Divestment and Sanctions Against Israel, The CJN previously reported.
“My intention is that the Google form and the statement will remain in place,” Rowland said of the rabbinic statement in Israel on June 14. “The feedback from the community and most members of the council has been overwhelmingly positive.”
Rowland also said there were “multiple reasons” for making the statement and that although the resolution will soon be removed from the agenda, he now said, “we have no intention of retracting this statement.”
“The idea that a small group of anti-Zionist Jews represents the majority of the Jewish community is something I feel we still resist,” Rowland said.
This is a developing story.
