Ohio AG Dave Yost cautions against Cuyahoga County resolution targeting Israeli bonds
Add Axios as your preferred source to
see more of our stories on Google.
Photo: Joseph Prezioso/AFP via Getty Images
Ohio Attorney General Dave Yost warned county executive Chris Ronayne in a letter not to pass a resolution to halt all future investments in foreign debts, including Israeli bonds.
Why it matters: Yost characterized the measure, which was introduced by Cuyahoga County Council last week, as a "divestiture of assets" associated with the Nation of Israel.
- If passed, Yost said, Cuyahoga County would violate Ohio law.
Catch up quick: In 2016, Ohio passed legislation prohibiting state agencies from boycotting Israel or entering into contracts with companies with anti-Israel policies.
What they're saying: "Ohio stands with Israel," Yost said in his letter. "Cuyahoga County should do the same."
By the numbers: Ohio has long been one of the largest holders of Israeli bonds in the United States. As of May 1, the state treasury held more than $260 million.
- Cuyahoga County holds roughly $16 million.
State of play: Tension over the Israeli-Palestinian conflict has played out in Cleveland on the campus of Case Western Reserve and at City Hall, where demonstrators appeared for months to demand a ceasefire resolution.
What's happening: The Cleveland Palestine Advocacy Committee (CPAC), a coalition of pro-Palestinian supporters and solidarity groups, is now sponsoring the No New Bonds campaign.
- In a rebuttal to Yost's letter, they clarified that the resolution did not mention divestment but ceasing future investments.
- Furthermore, CPAC says, the measure could not be considered a boycott because it applies to all foreign securities, not just Israeli bonds.
The latest: The former local director of the Anti-Defamation League, Anita Gray, has retained the corporate law firm Benesch to oppose the legislation.
- In a letter to Ronayne and other county leaders, attorney Michael D. Meuti said his client objected to the resolution on grounds that it was "anti-Semitic" and "unlawful."
Threat level: "Proceeding with the resolution will invite litigation that will waste County resources, distract the County from more-pressing matters, and result in the County's defeat," Meuti wrote.
The other side: CPAC responded in a letter this week, reaffirming the legality of the resolution and arguing that it was not antisemitic to oppose Israeli policies.
- "[CPAC] condemns antisemitism in the strongest terms humanly possible," it reads. "We believe that organizations like the ADL must stop marginalizing antisemitism by warping its definition to defend rightwing Israeli acts, which surely include the ongoing genocide in the Gaza Strip."
What's next: The resolution will appear before council's committee of the whole at 2pm June 18.
The bottom line: A county spokesperson tells Axios that the proposed resolution is "nonbinding and advisory in nature."
- "Any decision regarding investments is ultimately decided by the County treasurer."