City Council Proposes Halting Providence Investments in Israel Bonds over Alleged War Crimes and Human Rights Violations

Providence, RI – Tonight, Providence City Councilors heard an ordinance that would divest city funds from Israel sovereign bonds and prevent future investments in sovereign bonds of governments accused of war crimes and human rights violations. The move makes Providence’s City Council one of the first city governments in the country to consider such action. Since October 2023, it’s estimated more than 36,000 Palestinians have been killed in Gaza, including over 15,000 children. According to the ordinance sponsored by Council President Rachel Miller, Councilor Justin Roias, and Councilor Miguel Sanchez, “City investments are a reflection of our values, and the Providence City Council has an ethical and financial responsibility to ensure taxpayer dollars are not invested in war crimes and human rights violations.”

There is precedence for the Council to take action. In 2006, the Providence City Council became the first American city to divest from companies that conducted business in Sudan after the genocide perpetrated in Darfur. In November of 2023, the Council became one of the first legislative bodies in the country to call for a ceasefire.

What does the proposed legislation do?

• The city’s assets in any investment account, including pension, endowment, and annuity funds, shall NOT be invested in any sovereign bonds of governments maintaining a prolonged military occupation that have been the subject of United Nations Security Council resolutions and/or International Court of Justice rulings.

• The city shall NOT reinvest any of its currently held sovereign bonds of governments maintaining a prolonged military occupation that have been subject of United Nations Security Council resolutions and/or International Court of Justice rulings, should they exist, once the bonds mature.

• The City Treasurer shall review the city’s investment portfolio and identify any investments that violate the legislation.

“Not a single Providence taxpayer dollar should ever go to funding genocide,” said Majority Whip Miguel Sanchez. “Our investments are a reflection of our values. Upholding the values of peace, freedom, and justice means not contributing to a war that has taken the lives of 15,000 children.”

The proposed legislation was referred to the Finance Committee.