CLEVELAND — The Cuyahoga County Council members who introduced a resolution that called for no future investments in Israel bonds or other foreign securities, are now withdrawing the resolution.

What You Need To Know

  • The Cuyahoga County Council members who introduced a resolution that called for no future investments in Israel bonds or other foreign securities, are now withdrawing the resolution

  • In the council meeting on June 4 when the resolution was introduced, about 66 residents from both pro-Palestinian and pro-Israeli backgrounds spoke during a public comment session that lasted three hours

  • Council Vice President Cheryl Stephens and Council Member Patrick Kelly, who introduced the resolution in a meeting earlier this month, sent a letter obtained by Spectrum News to County Executive Chris Ronayne and Treasurer Brad Cromes Thursday afternoon

  • In their letter, Stephens and Kelly continued to express their desire to keep county investments within the American economy, but said proceeding with the resolution would only lead to further division

Council Vice President Cheryl Stephens and Council Member Patrick Kelly, who introduced the resolution in a meeting earlier this month, sent a letter obtained by Spectrum News to County Executive Chris Ronayne and Treasurer Brad Cromes Thursday afternoon.

“After thoughtful deliberation, and in conversation with a variety of stakeholders and community activists, we have decided to withdraw Resolution R2024-0208 from Council consideration,” the letter reads in part.

Over the past few months, county council meetings have been packed with pro-Palestinian residents with three demands: divestment of public funds from Israel, an evaluation of the due diligence process for county investments and the implementation of a Community Investment Review Board to assess the ethical impact of current and future investments. 

In the council meeting on June 4 when the resolution was introduced, about 66 residents from both pro-Palestinian and pro-Israeli backgrounds spoke during a public comment session that lasted three hours.

In their letter, Stephens and Kelly said council has historically deferred to the county treasurer to manage investments, but recent events have brought the need for increased transparency into the spotlight.

“Nevertheless, it has become clear to us that proceeding with Resolution R2024-0208 will only lead to further division rather than fostering the productive conversation we desired,” the letter continues.

The county currently holds $16 million in Israel bonds, which wouldn’t have been affected by the resolution.

Rather than asking the investment advisory committee to sell those bonds, the resolution urged them to end future investments in Israel bonds or any other foreign entities.

In their letter, Stephens and Kelly continued to express their desire to keep county investments within the American economy.

“As the statutory officers empowered to manage Cuyahoga County’s investment portfolio and controlling members of the county’s Investment Advisory Committee, you possess the clear authority to determine investment decisions,” the letter reads. “We therefore strongly encourage you to suspend investments in sovereign debt issued by any foreign countries. We also urge you to amend the county’s investment policy to prohibit future investment in such foreign securities until a thorough review of the policy can be conducted, incorporating input from all stakeholders.”

The next council meeting is Tuesday, June 18 at the Cuyahoga County Administrative Headquarters downtown.