Stacy Garrity, Pennsylvania’s 78th treasurer, delivers her inaugural address Tuesday, Jan. 21, 2025, at The Forum Auditorium in Harrisburg, Pa., kicking off her second term in office. (Commonwealth Media Services)
The Pennsylvania Treasury invested an additional $25 million in Israel Bonds last week, hours before the country launched a series of air strikes targeting Iran’s nuclear program and military capacity.
A spokesperson for Treasury Secretary Stacy Garrity said the decision to make the investment had been made a day or two prior to its finalization Thursday, and that the timing in relation to the strike was a coincidence. Garrity herself said the investment was made for reasons both financial and geopolitical.
“This decision was made first and foremost because Israel Bonds are a sound investment … making them a smart and dependable choice for the Commonwealth,” Garrity said in a statement. “This investment is also a reflection of our commitment to standing with Israel, the only democracy in the Middle East.”
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Garrity also directed the investment of $20 million in Israel Bonds after the October 7, 2023 attack on the country by the militant group Hamas, which kicked off the ongoing conflict in Gaza. That fight has led to widespread decimation in the Gaza Strip and has since spread, with Israel trading attacks with Iran-funded militias in Yemen and Lebanon, and striking targets in Syria.
The investment will bring Pennsylvania’s total investment in Israel Bonds to $64.5 million as of July 1, according to a Treasury Department press release.
“It’s especially important to show our support at a time when Israelis and Jews — both abroad and here in the United States — continue to face horrific acts of antisemitism,” Garrity said.
Before the investment was finalized, on Wednesday, President Donald Trump expressed growing skepticism that the U.S. and Tehran could reach a deal over Iran’s nuclear program, which Israel has long opposed. That evening he said some U.S. military personnel and their dependents were being moved out of the Middle East because “it could be a dangerous place.”
Reporting had also indicated that U.S. and European officials believed Israel was preparing for a strike on Iran.
So far, it’s been reported Israeli strikes have killed over 200 Iranians and Iranian counterstrikes have killed more than 20 Israelis.
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