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Activists across the country have pushed local leaders to divest from Israeli government bonds as the genocide in Gaza continues. But in Miami-Dade County, commissioners on Tuesday voted unanimously to increase the amount of the county’s investment portfolio that can be allocated for Israeli government debt from 3% to 5%. The county is not required to reach that higher ceiling but has the option to do so.
“Florida statutes and the Miami-Dade County investment policy itself specifically state that their top priority is the safety of public funds and liquidity of public funds above all else,” said Mina Trachtenberg, a Miami resident who spoke against the move during the commissioners’ meeting. “And yet the resolution passed today achieves the opposite, opening the door to the purchase of high-risk, even junk-quality bonds of a foreign entity. Please divest from apartheid.”
According to the county’s third-quarter investment report, as of June, Miami-Dade had about 1.5% of its portfolio invested in Israel bonds, totaling $130 million. According to emails Prism reviewed between Jewish Voice for Peace and the county’s director of cash management, Miami-Dade went on to make at least one more purchase of Israel bonds, of $11 million, after the report’s cutoff period.
But for the residents who came to Tuesday’s meeting hoping to challenge the policy, the decision was already made before they reached the microphone. Item 11A2, sponsored by Commissioner René Garcia, was approved as part of the commission’s initial agenda vote. Because no commissioner pulled the item for individual discussion, it passed without a separate debate on the dais.
By the time of the meeting’s public hearing portion, county officials repeatedly told residents who showed up to speak that 11A2 had already passed and that they could not use their allotted time to address it. The county said the public already had its required opportunity to speak on the measure during the July 15 Intergovernmental and Economic Impact Committee meeting, where it was presented and forwarded to the full commission with little notice.
Instead residents signed up to speak on a different bond item and used the time to criticize the Israel bonds measure.
“We’re at a point when [Miami-Dade] Commissioners will not allow people to speak about a $141 million foreign investment policy using public funds,” said Miami artist and activist Eddie Arroyo, who was cut off when attempting to speak during the hearing, in a text message. “Especially for a genocide in Gaza.”
Commissioners defended the measure and pushed back on descriptions of the vote as the county giving hundreds of millions of dollars directly to Israel.
“Our board today didn’t vote to give any money to anyone,” Commissioner Oliver Gilbert said. “We set investment criteria.”
Garcia likewise characterized the measure as an investment-management policy. Miami-Dade manages roughly $9 billion in investments, Garcia said, which is used to generate returns that help fund county government.
“We are already making these investments,” Garcia said. “It gives the clerk and our investment personnel the flexibility to get the best return on yields for this community.”
Opponents argue that the issue is not simply about investment mechanics. Several residents said Tuesday that Miami-Dade should prioritize local investments and questioned whether county funds should go toward Israeli government debt amid the war on Gaza.
“We are sleepless to know that the investments that are being made by this commission … are going to Israeli bonds, which are funding a genocide in Gaza,” said local community activist Mishka Ahmad, before her mic was cut off.
During the meeting, speakers repeatedly referenced the human toll of the genocide and accused the commission of prioritizing Israel over Miami-Dade residents.
“Our county finds itself in the middle of another budget crisis,” said Marcelo Balladares, who works with the Sierra Club’s Florida chapter. “And instead of figuring out how we can best continue to support the services and programs that are essential to the residents of Miami-Dade County, the commission has just passed an item that would allow for further investment in a foreign country. This decision puts another country first over the many residents.”
The tension in the chamber escalated as Chair Commissioner Anthony Rodriguez warned that people who continued speaking about the already-passed item would be removed from the chamber.
“I’m already worried that I’m going to be escorted out just for being Palestinian,” said resident Mohannud Mohammad during the hearing. “Our tax dollars paid for this building; it pays for all of your salaries, and in that case, I will say that 11A2 is an absolute disgrace.”
The confrontation intensified following the surprise appearance of James Fishback, the controversial far-right candidate who recently lost the Republican primary for Florida governor and has sharply criticized Israel. Fishback took the microphone to slam the county’s investment in Israel bonds.
“Do you serve the people of Aventura or of Tel Aviv? Do you serve the people of South Miami or of Jerusalem?” Fishback asked. “This money should be invested here in this community.”
As Fishback spoke, an audience member shouted, “America first.”
The episode drew criticism from another speaker, Catalyst Miami’s Rachel Prestipino, who said Fishback had not registered to speak and was not associated with their group of organizers opposing the measure.
“I would just like to point out that that heinous display was from someone who was not called and was not registered to speak,” Prestapino said.
Prestipino then returned to the larger question of how Miami-Dade should invest its money.
“You all are taxpayers; we are taxpayers investing in hospitals,” she said. “That’s the kinds of things bonds can fund. They can fund affordable housing. Municipal bonds can fund roads.”
She urged commissioners to consider what their constituents were asking them to fund at a time when many residents are struggling to afford to live in Miami-Dade.
“Who is calling your offices? What are they asking for?” Prestipino said. “I know it’s not foreign governments.”
On earning returns on county investments, Prestipino added, “We can do that ethically, financially, responsibly.”
Editorial Team:
Sahar Fatima, Lead Editor
Carolyn Copeland, Top Editor
Rashmee Kumar, Copy Editor
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