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Miami-Dade County's vote to raise its investment ceiling in Israel-backed bonds from 3% to 5% of its portfolio drew a public confrontation Tuesday, when officers escorted James Fischback, a former Florida gubernatorial candidate, from a Board of County Commissioners meeting after he refused to yield the floor.
The change, approved earlier this summer, opens the door to upwards of about $400 million to $450 million in new Israel bond exposure. That is the allocation at the center of this fight.
The case for the county's position is straightforward on paper. Israel bonds carry sovereign backing, and the commissioners voted for the cap increase deliberately.
Fischback, a Republican who received 10.4% of the vote in Florida's Aug. 18 gubernatorial primary, was among 11 candidates competing to replace outgoing Gov. His presence at Tuesday's meeting fits a pattern.
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