Yesterday, at Temple Beth El in Boca Raton, Joseph Abruzzo, Clerk of the Circuit Court & Comptroller of Palm Beach County, announced that the county was now the world’s largest investor in Israel Bonds.
According to a preliminary press release,
Palm Beach County has approximately $700 million, or 15 percent. of its $4.67 billion portfolio invested in Israel Bonds.
Clerk Abruzzo’s talk at Temple Beth El.
I say it now, and I will always say it in the future when we made these Investments, we did actually get a very large protest, which I would consider from Islamic fundamentalists protesting these investments in Israeli bonds asking me not to do it Well we’re investing more and we will always continue to do what we believe is right based number one on the fiduciary responsibility to the taxpayers but I’m never going to be deterred by those who wish Israel harm.
~Joseph Abruzzo
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I would say this to my fellow democrats for the far left wing of my party, who was denouncing the support of Israel, asking for ceasefires, and a lot more. This should never be the case if what happened in Israel happened here in America, where terrorists dug underground, came in via paratroopers into our communities, raped our women, killed little babies, and slaughtered many more. Whatever nation was harboring these terrorists or controlled by these terrorists that Nation if done to America, would look like the moon’s surface. ~Joseph Abruzzo
Palm Beach County Commissioner Sara Baxter told Florida Jolt,
Investing in Israel Bonds is good for Palm Beach County, financially and morally. ~Sara Baxter
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State Rep. Mike Caruso said,
I commend Clerk Abruzzo’s investment and strong support of Israel with his purchase of Israeli bonds. Not only is it a strong and safe investment, it is the right thing to do for our ally at this critical time. This investment parallels that of our state by CFO Patronis.
~State Rep. Mike Caruso, R-West Palm Beach
State Rep. Mike Caruso said,Clerk Abruzzo Announces Palm Beach County is the World’s Largest Investor in Israel Bonds
WEST PALM BEACH, FL (March 26, 2024) – Palm Beach County is the world’s largest investor in Israel Bonds, with approximately $700 million of its $4.67 billion portfolio invested in Israel Bonds, Palm Beach County Clerk of the Circuit Court and Comptroller Joseph Abruzzo announced on Tuesday.
The increased investment came following the Palm Beach County Board of County Commissioners’ unanimous approval on March 12 to increase the cap on investments in Israel Bonds from 10 percent to 15 percent of the portfolio.
“My first duty to the taxpayers of Palm Beach County is to make sure that our tax dollars are protected and invested correctly and wisely,” Clerk Abruzzo said. “Israel Bonds are paying a higher rate than our U.S. Treasuries and are just as safe.”
At Clerk Abruzzo’s direction, Palm Beach County was the first county in the United States to increase its investment in Israel bonds following Hamas’ attack on Israel in early October. The County will earn approximately $83 million in interest off its investments in Israel Bonds, Clerk Abruzzo said.
Clerk Abruzzo serves as Palm Beach County’s Chief Financial Officer and manages Palm Beach County’s investment portfolio, which reached a high of $4.06 billion last fiscal year and earned a record $172 million in investment income in Fiscal Year 2023.
Palm Beach County uses investment income earned by the portfolio to help ease the financial burden on Palm Beach County taxpayers.
The Clerk’s certified investment professionals proactively manage the investment portfolio to maximize investment earnings while ensuring that tax dollars are protected. The County Investment Policy developed by the Clerk and the County’s Investment Policy Committee governs investments and provides guidelines related to risk management and reporting requirements.
To learn more about the Clerk’s management of the County’s portfolio, visit the Investments section of www.mypalmbeachclerk.com.
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