After over a month of withholding information surrounding public investments in Israeli Bonds, the Franklin County Treasurer’s Office finally released the county investment reports for February and March of 2025. These reports, alongside discussion at the meeting of the Investment Advisory Committee (IAC) on April 17, 2025, confirmed that Treasurer Cheryl Brooks Sullivan has decided not to reinvest holdings from Israeli Bonds that matured on February 1, 2025 into additional Israeli Bonds.
Franklin County’s decision to not reinvest, in addition to similar decisions in Cuyahoga County and Summit County, reflect the growing instability of the state of Israel, which continues to pour massive sums of money into the ongoing genocide in Gaza, the apartheid in the West Bank, as well as the expanding conflicts in Syria and Lebanon. This has resulted in downgrades in Israel’s credit rating and negative financial outlooks expressed by Moody’s and Fitch’s credit rating agencies.
In addition, the illiquidity of Israeli Bonds makes them an increasingly risky investment, especially in the midst of increased market uncertainty in face of the Trump administration’s wreckless tariff policies. During the IAC meeting, representatives from Meeder Investment Management, a firm that offers investment advice to Franklin County, emphasized the importance of maintaining adequate liquidity during periods of financial turbulence, suggesting it would be an important factor for the county to consider while investing for the foreseeable future.
After the formal portion of the IAC meeting was complete, the floor was opened to public comments and questions, at which point things quickly grew contentious. The first attendee to speak began to ask questions about the county’s existing investments in an apartheid state before Brooks Sullivan quickly cut him off, saying, “sir, we don’t discuss human rights at this meeting.” The second member of the audience to have the floor asked what factors went into decisions about investing or not investing in Israeli bonds, Brooks Sullivan declined to answer. When a third attendee pressed Brooks Sullivan, inquiring if they could ask what financial factors went into the decision to not reinvest, she replied, “no, you can’t ask why… I can’t even tell you why.”
Despite the heated atmosphere in the room and the deliberately nontransparent discussion around Israeli Bonds, Brooks Sullivan did go on to tell the public, “I am not [reinvesting] until I see conditions stabilize,” suggesting that Israeli Bonds may be too risky for the county to invest in until Israel’s financial standing improves. This statement is a big win for the No More Bonds movement in Ohio, as well as the larger BDS movement across the country, which have sought to end state and county level investments into Israeli securities, which help prop up a government that regularly violates international law with impunity.
Although the pause in county investments is seen as a win by activists, conditions could change at any time. When one attendee asked about the changing attitudes of Franklin County residents as it pertained to the ongoing situation in Gaza, Brooks Sullivan replied, “The community does not have a say so in how we invest.” This statement shows a shocking lack of care for the opinions of her constituents. Additionally, it is well known that Brooks Sullivan has built a cozy relationship with Israel lobbyists, greatly expanding county investments in Israeli bonds during her tenure as County Treasurer. Due to these factors, as well as increasing government hostility towards pro-Palestine advocacy groups, local organizers know that continuing the momentum towards stopping taxpayer funds from supporting genocide will require constant vigilance and unbridled persistence, but for now this moment is progress.
