Investments in Israeli Weapons Manufacturers Challenge New York City’s Comptroller
Under the leadership of Comptroller Brad Lander, New York City’s public pension fund has seen significant gains from investments in Israeli arms manufacturers. This situation could become a contentious issue for Lander as he prepares for the 2026 primary against U.S. Rep. Dan Goldman.
Lander, known for his critical stance on Israel’s actions, indicated in a recent interview with the Daily News that he plans to leverage this issue in his campaign against Goldman. The representative has faced criticism from progressive Democrats for his support of Israel during the ongoing conflict.
“We both agree that Hamas’ attack on Israel on October 7 was a war crime. However, like many constituents, I consider Prime Minister Netanyahu’s destruction of schools and hospitals to also be a war crime. Goldman’s refusal to acknowledge this limits his ability to represent our district,” Lander stated.
“Congress members play a crucial role since they influence U.S. foreign policy. The American taxpayer is funding the bombs that Netanyahu is dropping on civilians in Gaza.”
However, using this line of attack has proven challenging for Lander. One of the complications arises from the fact that under his administration, the city’s pension fund increased its stake in Elbit Systems, the primary arms supplier to the Israel Defense Forces. Reports show that Lander even promoted this investment to an Orthodox Jewish radio host earlier this year.
Once a more supportive figure regarding Israel, Lander described himself as a “liberal Zionist.” A decade ago, he even visited Israel alongside other local politicians, despite protests concerning Israel’s treatment of Palestinians.
Having drawn endorsements from Mayor-elect Zoran Mamdani and refining his anti-war strategies against Goldman, Lander appears to be positioning himself for a heated contest. Mamdani has long criticized Israel’s actions and claims that genocide is occurring in Gaza. Thus, Lander’s existing investment in Elbit could complicate his political alignment.
Recent records reveal that the pension fund’s investment in Elbit exceeds $1.5 million, with Lander’s office previously announcing a total investment of around $300 million in various Israeli firms. The Teachers Retirement System (TRS), the second-largest fund, holds over $1 million in Elbit stock, marking a 268% increase since June 30, 2024. This growth results partly from increasing stock prices as well as new stock acquisitions.
Lander oversees the city’s five pension funds and makes investment decisions with the board’s advice. When he took on the role of comptroller in January 2022, the pension fund held under $250,000 in Elbit shares.
The Israeli Defense Forces have faced accusations of using Elbit weapons in actions resulting in civilian casualties during the ongoing conflict, sparked by the Hamas attack on October 7, 2023. Meanwhile, some European nations have pulled investments from arms manufacturers in response to their support of the IDF.
In discussing the Elbit holdings with the News, Lander argued that the roles of comptrollers and council members differ significantly and investments must be based strictly on fiduciary responsibilities to ensure maximum benefit for retired city employees.
“Politics shouldn’t influence pension investment decisions. I certainly don’t allow it,” he remarked.
He acknowledged that he does not review every investment decision personally, explaining, “The auditor does not select each company. We hire investment managers to operate within set guidelines.”
Nonetheless, the presence of Elbit in the portfolio has presented a conundrum for Lander. During a previous, unsuccessful mayoral bid, when questioned about leveraging influence to urge Israel to halt its actions in Gaza, he mistakenly told progressive groups that the pension fund did not invest in “any” Israeli bonds, even though it held over $1 million at the time. This discrepancy did not prevent the New York Progressive Action Network from endorsing him then.
Conversely, speaking to the Orthodox Jewish radio host, Lander voiced a different stance, emphasizing his opposition to the Boycott, Divestment, and Sanctions movement aimed at penalizing Israel for its treatment of Palestinians. During this appearance, he also highlighted his investment in Elbit.
“New York City’s pension funds proudly invest in many Israeli companies, including Elbit Systems. We have no plans to divest,” he proclaimed.
Back in 2015, while on the City Council, Lander took a funded trip to Israel, which led to protests from Jewish Voice for Peace, a group advocating for the cancellation of the delegation. They stated, “Avoid neglecting the diverse city’s concerns by touring an apartheid state.”
Lander has also criticized Israel for not doing enough to combat alleged atrocities. “We must do more to voice our opposition to Israeli war crimes and the humanitarian crisis affecting Palestinians,” he said during a September event alongside Mamdani focused on racial and economic justice.
A spokesperson for Goldman chose not to comment on the pension fund’s investment strategy under Lander. Meanwhile, a representative for Mamdani supported Lander’s congressional campaign but did not provide further commentary.
