“While there’s nothing wrong with ethical investment, that’s not really what this policy is about. How do I know that? By looking around this room, people talking about it are talking only about Israel,” said Karen Stiller, senior director of Jewish affairs for JCRC. “The only foreign conflict that ever gets discussed in this room is Israel and Palestine. Why is that a problem? It’s a problem because it’s created an environment where antisemitism thrives and Jews are simply attacked for caring about their Israeli friends and family.”
Several Jewish speakers mentioned rising antisemitism and fears for their safety as part of their reason for opposing the policy, while others emphasized that their Jewish beliefs compelled them to support the policy and minimize complicity in the suffering of Palestinians.
Supervisor Nikki Fortunato Bas was the only member of the board to vote no on Friday, only because she preferred that the new policy be implemented immediately — not just approved.
“I support the policy as is, I think this is not the right decision,” Fortunato Bas said, eliciting cheers from the audience.
Several members of the board said they had concerns.
Supervisor Nate Miley said he was uncomfortable with a provision that singled out specific industries — discouraging investments in companies that generate more than 10% of revenue from oil, gas and coal, firearms, tobacco, casinos and gaming, security and correctional facilities, alcoholic beverages and defense.
“I have a real visceral reaction to singling out certain [industries] — you know, I drink alcohol,” Miley said. “I don’t gamble. I just have a problem earmarking certain industries.”
Miley said he’d prefer leaving discretion to divest from specific companies to the county treasurer-tax collector.
Board President David Haubert also questioned whether the policy would be too restrictive, leaving the county without enough investment options or resulting in lower returns on its investments.
He pointed to a section discouraging investments in sectors that demonstrate severe or persistent human rights violations in their operations or supply chains, including textiles and apparel, electronic equipment and agricultural products.
“Why aren’t we looking at the supply chain coming from China? Why aren’t we looking at Ethiopia and the Tigrays in Sudan and Darfur and Myanmar and Rohingya? There are products made there, there are investments made in all sorts of areas that have problems,” Haubert said. “Indeed, if you let this keep going … we might not be able to invest in hardly anything.”
Levy clarified that the policy only discourages, but doesn’t outright ban, investments in those areas. He also said he believes the policy would not lower the county’s returns.
