New York City Comptroller Brad Lander has withdrawn tens of millions of dollars of the city’s pension funds from the State of Israel, in a move that “panders to the antisemitic BDS movement,” the office of New York Mayor Eric Adams said in a letter to Lander on Sunday.

The letter, written by first deputy mayor Randy Mastro, requested a review of Lander’s decision to withdraw investment in Israel Bonds and claimed that the public record was incomplete.

“Your public characterization of this shift as a mere ‘decision not to reinvest’ does not insulate it from scrutiny,” Mastro wrote.

The comptroller serves as the trustee and the investment advisor for each of New York City’s Public Pension Funds. Mastro added that part of this role means acting in the best interests of the city’s pensioners in making investment decisions and keeping accurate records of all transactions and decisions.

The letter states that New York City’s pension systems previously held tens of millions of dollars in State of Israel Bonds across multiple decades, “with a record of strong returns and minimal risk.”

Under Lander’s tenure, the amount of bonds held has declined sharply, from “tens of millions of dollars across multiple pension funds, to now less than $1.2 million held only by the Police Pension Fund.”

“This reduction appears to be the result of a sustained and coordinated decision on your part not to reinvest in State of Israel Bonds upon maturity,” wrote Mastro.

He added that the divestment has negatively impacted the pension funds’ bond portfolios as the State of Israel Bonds outperformed other bonds in which the funds were invested.

The Adams administration pointed out that while Lander has publicly stated that the decision was centered on limiting investment in foreign sovereign debt and not aimed at divesting from Israel Bonds, the only sovereign bonds that NYC has invested in are Israel Bonds.

The letter implied that Lander’s divestment is linked to the global Boycott, Divestment, and Sanctions (BDS) campaign against Israel.

It ended with the Adams administration requesting copies of all documents and communications relating to the decision to purchase Israel Bonds, the maturation of such bonds, any discussion or consideration to reinvest in Israel Bonds upon maturation, any decisions not to re-invest, and any consideration or determination of how to invest monies obtained due to maturation.

“As comptroller, you are legally and ethically obligated to safeguard the integrity of our public pension system,” Mastro wrote.

The Adams administration has requested a full response within the week.

“Israel is not just the world’s only Jewish state – it’s a vital economic partner to both our city and country,” Mayor Adams said in a statement to The Jerusalem Post.

“Brad Lander was elected to safeguard New York City’s financial future, yet he continues to pander to the antisemitic BDS movement at the expense of taxpayer dollars and our city’s best interests, and New Yorkers deserve to know why,” Adams said.

He noted that while Lander has divested “from one of our closest allies” the mayoral administration is doing “the opposite – investing in Israel.”

This includes a partnership with the Israeli Economy Ministry to launch the first-ever New York City-Israel Economic Council this summer, Adams added.