CLEVELAND — After a year of protests at Cuyahoga County Council, pro-Israeli and pro-Palestinian residents are responding to the county treasurer’s decision to freeze investments in long-term bonds, including Israel Bonds. 

What You Need To Know

  • In a letter to county officials, Cuyahoga County Treasurer Brad Cromes said the county will be pausing long-term bond investments and reinvestments, including Israel bonds, through September or until they reach $100 million

  • Over the past year, residents with opposing views have been protesting and praising the county’s $16 million investment in Israel bonds, and about $3 million of those bonds are set to mature in March, when the county will add that cash to their reserve, rather than reinvesting

  • In her own comment at the meeting Tuesday evening, Council Member Sunny Simon said council has patiently listened to residents voices over the past year, but asks them to direct their questions and concerns to the county administration and treasurer moving forward, as they make the final decisions about county investments

According to a letter county Treasurer Brad Cromes sent to county executive Chris Ronayne and council president Dale Miller last week, the county is in a difficult financial position that “requires an urgent response.”

In order to build the county’s cash reserve, Cromes said the county will be pausing long-term bond investments and reinvestments through September, or until they reach $100 million.

Over the past year, residents with opposing views have been protesting and praising the county’s $16 million investment in Israel bonds, once again dominating council’s public comment Tuesday evening. About $3 million of those bonds are set to mature in March, when the county will add that cash to their reserve, rather than reinvesting. 

Local pro-Palestinian activist Dr. Shereen Naser said the Cleveland-Palestine Advocacy Community has been pointing to the county’s financial struggles as one reason to stop investments in foreign governments, like Israel, and instead invest that money back into Cuyahoga County.

“I have no doubt that the county is making the best fiscal decision that they need to make in this moment,” Naser said. “And we've been arguing from the get go that dropping Israel Bonds is a good fiscal decision.”

Jason Wuliger, Chair of Government Relations Committee at the Jewish Federation of Cleveland, said the local Jewish community understands the county’s decision.

“When the county is struggling, it's really just like when households are struggling,” Wuliger said. “You have to pull back in certain places, so we get it. It makes sense that, it wouldn't be responsible for the county to tie up money in long term investments when they have they have needs for right now.”

In her own comment at the meeting Tuesday evening, Council Member Sunny Simon said council has patiently listened to residents voices over the past year, but asks them to direct their questions and concerns to the county administration and treasurer moving forward.

“If you have frustration on either side about the future, about the past, about the current set of facts, to please direct that to the treasurer and the administration,” Simon said. “I understand we're the only body in which you can stand up for an hour and express yourselves openly. We value that open speech. Free speech. But I've got I've got to set the record straight, and it's time that we sitting here have to say we did not make any of these decisions. This came from the treasurer.”

County Executive Chris Ronayne and Treasurer Cromes declined to interview about the decision to freeze investments at this time.