Joseph Abruzzo directs Palm Beach County to invest $25M into Israeli bonds

Joe Abruzzo is a shoo-in, facing only a write in candidiate.

Palm Beach County will invest $25 million in Israeli bonds as a show of support for the nation as it faces war against Hamas militants.

The investment comes at the direction of county Clerk of Circuit Court and Comptroller Joseph Abruzzo.

“Israel is our greatest ally, and they need our full support in the aftermath of this horrific terrorist attack that slaughtered hundreds of innocent civilians — including 11 Americans thus far,” Abruzzo said. “I am proud to show solidarity with the people of Israel and make Palm Beach County the first county in the nation to increase its investment in Israel bonds following their declaration of war against Hamas.”

Abruzzo manages the county’s investment portfolio in his role as Palm Beach County’s Chief Financial Officer. He plans to meet with Jewish leaders Wednesday to discuss the investment and why it’s important.

The war began after Hamas militants stormed into Israel on Saturday, bringing gun battles to its streets for the first time in decades and attacking civilians. More than 1,800 lives have already been claimed on both sides, and perhaps hundreds more. Hamas and other militant groups in Gaza hold more than 150 soldiers and civilians hostage, according to Israel.

This isn’t the first time Abruzzo has advocated for increasing the county’s investment into Israeli bonds, with a previous push in 2021 to double the amount of bonds from the allied nation. The Board of County Commissioners unanimously approved his request.

Under Abruzzo’s leadership, the county’s investment portfolio is projected to earn a record $172 million for the most recent fiscal year, which ended at the end of September. The county plans to earn investment revenue to ease financial burdens for county taxpayers.

Investment professionals within the Clerk’s Office manage the county’s investment portfolio. It now exceeds $4 billion, with the Clerk’s Office maximizing its investments and earnings while also protecting taxpayer dollars.

The Bank of Israel has said it will sell up to $30 billion of foreign currency in the open market in response to the war in Gaza, according to Reuters.

“We are in an unprecedented security situation, and our estimate was that the market could get to a situation of divergence without the announcement of our intervention,” Golan Benita, head of the Bank of Israel’s markets department, told media at a news conference, Reuters reported.

Meanwhile, the conflict is expected to get worse. Israel has mobilized 360,000 military reservists as of Tuesday, according to The Associated Press.

Fighting in the region between Israeli forces and Hamas continued Tuesday, with homes, schools and medical institutions in Gaza reportedly flattened in various attacks.

CNN reports that 168 buildings, including more than 1,000 residential units, have been fully destroyed, while nearly 13,000 residential units have been partially destroyed.

Hamas, meanwhile, sent a barrage of rockets from Gaza into Ashkelon.

Despite continued fighting and a rising death toll, Israel’s military says it has retaken control of all communities around Gaza after Hamas’ initial attack Saturday.

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The Associated Press contributed to this report.