Yee to increase Arizona’s holding of Israel bonds

Arizona state Treasurer Kimberly Yee is part of a bipartisan slate of state treasurers across the country who are supporting Israel during its time of crisis by increasing their state’s holding of Israel bonds.

The Arizona State Treasurer’s Office has been investing in Israel bonds since 2013 and currently has $15 million in holdings, much of which were purchased under Yee.

“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,” Yee said. “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.”

Other state financial officers are following suit.

Illinois State Treasurer Mike Frerichs, a Democrat, announced that his office will invest $10 million in Israel.

“This investment shows our strong commitment to Israel and its people,” Frerichs said. “The challenges in the region are great. Israel is now at war. This is our way to show, with action and deeds as well as words, that we want to do what we can in this time of need.”

Treasurers in Ohio, Pennsylvania, Georgia, and Florida are also making bond purchases from Israel.

In fact, Development Corporation for Israel announced last week that it has secured more than $200 million in bond sales and commitments from investors since the war broke out in Israel, including $150 million in bond purchases from U.S. states.

“The extent to which the United States has supported Israel is incredible, demonstrating how this support cuts across partisan lines and is deeply rooted nationwide,” Israel Bonds President and CEO Dani Naveh said. “The response across many U.S. states was immediate and demand exceeded the amount of Israel bonds that we were able to sell at that time. At the same time, thousands of Jews from all over the world have been expressing their support for Israel by also purchasing bonds for themselves and on behalf of various organizations such as hospitals, emergency service organizations, and an organization supporting Israeli soldiers.”

Israel bonds serve as an investment option for individuals, institutions, and nations worldwide to support the economic growth and stability of Israel. Investments in Israeli bonds offer both reliable financial returns and contribute to Israel’s economic and strategic well-being.

Yee has been a consistent supporter of Israel. She is a vocal opponent of the BDS movement, which attempts to pressure institutions to boycott, divest from and sanction Israel.

Yee enforced the state’s anti-BDS law in 2021 by selling off Arizona’s bond holdings in Unilever PLC, the parent company of Ben & Jerry’s, after the ice cream company announced it wouldn’t sell its products in certain Israeli territories.  

“As Arizona’s Chief Banking and Investment Officer, I stand with Israel, and I will not allow taxpayer dollars to go towards anti-Semitic, discriminatory efforts against Israel,” Yee said at the time.