Illinois Plans to Invest $10 Million in Israel Bonds,Angering Arab-Americans

Associated Press
17 June 2002

SPRINGFIELD, Ill. -- In a move that has angered some Arab-Americans, the state plans to invest $10 million in Israel bonds, the state treasurer's office said.

The move was made possible by legislation signed into law last week that allows state investment in the securities of foreign governments, as long as the governments involved have never defaulted on their obligations.

"This is one more tool to help our state to manage its resources wisely," said Rep. Jeff Schoenberg, a Democrat from Evanston who co-sponsored the bill.

"But more importantly," added Schoenberg, "it sends an unmistakably clear message of support for the state of Israel, and this legislation is one important way to strengthen that relationship at a very critical time."

Some are not happy with the investment.

"They're saying to Arab-Americans and Muslims in Illinois that you don't count and we're going to send taxpayers' money to support the terrible things Israel is doing to the Palestinian people," said Rafeeq Jaber, president of the Islamic Association for Palestine in Palos Hills.

Fifteen other states invest in Israel bonds.