Raj Goyle’s Bold Proposal on Foreign Assets
ALBANY – Raj Goyle, a Democratic candidate for state auditor, recently addressed a gathering of supporters from the Working Families Party. He expressed a desire to divest $338 million in foreign investments, particularly Israeli bonds, held by a New York City retirement fund.
Goyle, who has a background in technology and law, has taken a firm stance against Israel. He aims to unseat Comptroller Tom DiNapoli, who has long supported investments in “Israel bonds.”
“If I become Auditor General, I won’t be updating the National Audit Office’s foreign debt portfolio, which includes those Israeli bonds,” Goyle stated at an event launching the party’s leftist agenda. He emphasized, “We won’t give a blank check to Prime Minister Benjamin Netanyahu for his alleged war crimes in Gaza.”
The Common Retirement Fund, one of the largest pension funds in the country, is overseen by the State Comptroller’s Office and manages pensions for state and local government employees.
Currently, the CRF holds about $337.5 million in Israeli bonds, part of its overall investment portfolio valued at $291 billion.
Rep. David Weprin (D-Queens), a former chair of the New York City Council’s Finance Committee, defended the investments in Israeli bonds as stable and beneficial. “It’s a solid investment and sends a positive message to the pro-Israel community,” Weprin noted.
Goyle’s team argues that Israel’s recent credit rating downgrade by Moody’s, following the Hamas attack on October 7, 2023, raises concerns about the riskiness of such investments. They believe that state pension funds should not support Israel financially.
Campaign manager Jot Singh commented, “Raj Goyle is all about investing in New York and safeguarding its resources. Rather than playing political games like Tom DiNapoli, he aims to address the affordability crisis in our state.” Singh also pointed out, “Public pensions shouldn’t be used for funding human rights violations abroad.”
The DiNapoli camp did not respond to requests for comment.
DiNapoli had recently increased investments in Israeli bonds by an additional $20 million after the October attacks, stating that these bonds provide stable returns and help support a key ally of the United States. “In these challenging times, it’s reassuring that many public funds are purchasing bonds to support Israel, the only democratic government in the region.”
DiNapoli has received the Working Families Party’s endorsement in previous election campaigns since 2014.
In a related note, former New York City Comptroller Brad Lander chose not to renew some of the city’s pension funds’ investments in Israeli bonds for 2025.
Currently, DiNapoli faces a primary challenge from Goyle, along with former housing nonprofit leader Drew Warshaw and ex-Brooklyn council candidate Adem Bunkedeko. Joseph Hernandez has also declared his bid against DiNapoli on the Republican side.
