As Israel expands conflicts in the occupied West Bank, Lebanon, Yemen, and Syria, and resumes the genocide in Gaza, in part due to the Trump administration’s expressed desire to ethnically cleanse Gaza, questions remain about the status of Franklin County government investments in Israeli bonds.

Israel’s assault of neighboring countries has immiserated life for people in the Middle East and created vast regional instability, creating ethical and fiscal concerns regarding Franklin County’s investments in such volatile securities. Just recently, Israeli airstrikes on Gaza killed over 400 people, including 174 children in a 24 hour period, making many residents of Franklin County question the morality of continued use of taxpayer funds to support the ongoing genocidal campaign Israel is carrying out in the region. The regional conflict has also impacted Israel’s financial standing, prompting the Moody’s credit rating agency to issue a warning about political risks to Israel’s long term financial stability.

On February 1, 2025, $5 million of the County’s nearly $33 million in Israeli bonds investments matured. In the two months since, the public has received no updates on whether the money was reinvested into more Israeli bonds. Further, Franklin County Treasurer’s Office has stated that it will not publish the February investment report until after the next Investment Advisory Committee (IAC) meeting on April 17, 2025. Failing to publish the monthly investment report would potentially put the Treasurer’s office in conflict with state law, as H.B. 225 of the 129th General Assembly requires county investing authorities to publish monthly investment reports to ensure greater transparency with the public. 

At the January 23, 2025 IAC meeting, Franklin County Treasurer Cheryl Brooks Sullivan acknowledged the recent downgrades in Israel’s credit ratings and the negative outlooks expressed by Moody’s and Fitch’s credit rating agencies. Brooks Sullivan stated that she was “not comfortable” with only two of the three major credit ratings agencies issuing credit ratings for Israeli bonds above the eligible threshold for purchase by the county according to Ohio Revised Code, but did not express any decision about whether or not she would reinvest.

Franklin County was not the only county in Ohio to have Israeli Bond holdings mature on February 1, 2025. Notably, Cuyahoga and Summit Counties both chose not to reinvest Israeli bond holdings after the increase in risk associated with Israeli bonds alongside intense public pressure campaigns. 

Since the IAC meeting, attempts to discover what decision the county made regarding the mature bond holdings have been fruitless. Advocates for halting county investments in Israeli bonds have repeatedly tried to request information pertaining to the bond holdings but have been told the information is “not available” or have been given contradicting and incomplete answers. 

County residents hope that Brooks Sullivans has exhibited more discretion than State Treasurer Robert Sprague who reinvested $35 million in Israel Bonds holdings February 1 despite the increasing risks to taxpayer funds. Franklin County remains silent and nontransparent as it pertains to their investment decisions regarding Israeli bonds, perhaps, in part, due to Treasurer Brooks Sullivan’s cozy relationship with Israel lobbyists. Franklin County residents deserve better from their elected officials and from the use of their tax dollars