The quarterly meeting of the Franklin County Treasurer, Cheryl Brooks Sullivan, and the Investment Advisory Committee (IAC) took place last Thursday, July 24, 2025. This meeting of the IAC was the last quarterly meeting before the Treasurer is faced with the decision of whether or not to reinvest $2,500,000 of tax payer funds into Israel bonds set to mature on October 1, 2025. The first half of the meeting consisted of a presentation on the standing of the county’s portfolio, while the second half was dedicated to public comment.

The presentation on county’s portfolio could be characterized as cautiously optimistic, as a representative from Meeder Investment Management discussed how several metrics, including a healthy labor market, relative price stability, retail spending, and lower credit card delinquency rates were indicative of an economy that was chugging along, despite concerns over tariff uncertainty and subsequent inflation. The Meeder representative went on to suggest that the Federal Reserve was likely to maintain the current interest rates in the midst of this growth and uncertainty, which could serve as an opportunity for the County to invest in 2 year and 5 year US Treasury bonds to “lock in” more attractive interest rates and increase future yields.

The Meeder representative emphasized the importance of maintaining adequate liquidity in the county’s portfolio and discussed how US treasuries, corporate bonds, and corporate paper have become a larger portion of the county’s investments in order to achieve sufficient liquidity. The presentation then wrapped up with a brief statistical summary of the county’s portfolio and some projections indicating increasing yields for the county for the foreseeable future. 

Another member of the IAC briefly spoke about STAR Ohio, which continues to offer the highest rate for overnight investments within the county’s portfolio. The IAC member emphasized that most of the county’s liquid funds are in STAR Ohio, although some liquid funds were utilized towards a rent deposit program for affordable housing units. Treasurer Brooks Sullivan then concluded the first half of the meeting by announcing the date of the next quarterly meeting, Thursday, October 16, 2025 at 2:00pm.

The meeting then shifted into its second half, a period for public comment on the county’s investment portfolio. There was a large public turnout to the meeting and as many as 8 different attendees spoke, all to voice the desire for Franklin County not to invest any additional taxpayer funds into Israel bonds amidst the genocide in Gaza and the apartheid in the West Bank. 

The first speaker emphasized that Israel was committing various human rights violations, and that it would be unwise to invest in Israel bonds while the actions of the Israeli government were destabilizing both its economy and its standing globally. Another speaker added that Israel’s economy may be propped up by an inflated stock exchange as well as an overreliance on its weapons and surveillance industries, which may have concerning long-term ramifications as technologies developed in this sector make their way to domestic markets. The same speaker went on to advocate for alternative investments, such as US Treasury bonds, or local municipal bonds, which keep taxpayer money in America while being safer, more ethical investments.

The next two attendees to speak, a member of Veterans for Peace, followed by a concerned resident of Franklin County, echoed the sentiments of the previous speakers while emphasizing the deteriorating conditions in Gaza driven, in part, by investments into Israel’s “war-machine” economy. Another speaker, a relatively new Franklin County resident, spoke about the impact of the genocide on the people of Gaza; specifically mentioning recent viral videos of mothers whose children are malnourished due to a lack of formula being let into Gaza by Israel.

Another attendee, an Ohio resident since 1979, said that the county needs to think more carefully about how it invests residents’ money and expressed a wish that their tax dollars be put towards domestic entities that will benefit Americans, instead of foreign entities that deprive babies of milk. The next speaker expanded upon the comments of previous attendees, commending the treasurer on not reinvesting in Israel bonds in February, but going on to state that companies complicit in Israel’s genocide and apartheid should also be excluded from receiving county funds, mentioning Caterpillar as an example.

The penultimate speaker commended the treasurer and the attendees for a less contentious meeting of the IAC, as opposed to some of the more argumentative meetings of the past, before going on to discuss Israel’s downgraded credit ratings and negative outlooks from various credit agencies, including Moody’s and Fitch’s credit rating agencies. The speaker cited the numerous geopolitical factors that went into these downgrades, noting that these destabilizing factors are still present in Israel, and that future credit downgrades may still be possible; this speaker went on to say, “Given the history of conflict in the Middle East … is betting on another war in the Middle East not happening really a sound investment for the county?”

Before the conclusion of the meeting, the attendee who first spoke added on to the previous speaker’s point, citing the recent vote of the Israeli Knesset to illegally annex the West Bank, pointing to the political instability and financial volatility that such a blatantly illegal action would cause, citing yet another reason why it would be unwise for the county to reinvest in Israel bonds. Treasurer Brooks Sullivan then wrapped up the meeting formally by thanking all those in attendance, adding, “I especially appreciate your decorum, I appreciate everyone’s bravery, and I do hear you, and thank you for sharing your thoughts with us.”

The overwhelming show of support for no more investment in Israeli bonds by members of the community, as well as the more amicable tone of the IAC meeting as a whole offers some hope that taxpayer funds may not be reinvested come October, but ultimately, the decision to not fund genocide and apartheid will come down to Treasurer Brooks Sullivan and the IAC. Only time will tell if the passionate pleas of Franklin County residents will be enough to encourage safe, ethical investment