by Clare Sheridan
On August 5, the Medford City Council passed the first reading of a values-aligned local investment ordinance to divest city funds from fossil fuel companies, private prisons, and weapons manufacturers.
Medford, a near suburb of Boston, is home to 60,000 people, with Tufts University partially based there. With this ordinance, the city would be divesting from human rights violations, war crimes and illegal occupation.
In a 5:1 vote, Medford became the first city in Massachusetts to adopt a broad divestment ordinance, joining other cities like Dearborn, Michigan and Portland, Maine, although the language and coverage may vary. In brief, the ordinance states that no public funds under the care and custody of the Treasurer-Collector of the city of Medford shall be invested or remain invested in the financial instruments of any company which derives more than 15% of its revenue from business activities related to industries such as fossil fuels, jails/prisons and detention facilities, and weapons, as well as entities contributing to severe human rights violations.
Divestment must occur by December 31, 2025. The ordinance requires additional procedural readings and mayoral approval, although it has enough votes to override a mayoral veto.
In an interview with WBUR, City Councilor Isaac Bears said, “There are very clear human rights violations happening in Gaza, Ukraine, Congo, Sudan, Myanmar and other places.” He added that the ordinance would divest anywhere between $10 million to 40 million in funds. The ordinance does not apply to the retirement fund, as the city is highly regulated by the state.
Bears would like to see the state legislature come up with a broader framework “to make sure that we are not investing the pension funds of our educators [and] city and state employees in industries that are harming … our planet and perpetuating violence,” he said.
A number of Palestinian residents testified in support of the ordinance at the city council meeting as well as a number of anti-Zionist Jewish residents. A few testified against the ordinance for political and financial reasons.
“The ordinance reflects shifting public expectations … People are clear that they want quality public services at the local level, not billions being spent on forcibly starving the civilian population in Gaza to death,” Micah-Shalom Kesselman, a Medford resident and attorney, told The Bay State Banner. “They want money spent to support services for veterans and children, rather than masked ICE officers detaining our friends and neighbors and tearing apart families.”
The measure drew support from a range of advocacy groups, including Medford’s Energy & Environment Committee, Medford for Palestine, the New England Jewish Labor Bund, and Medford People Power. A full recording of the meeting is available on the City of Medford’s YouTube channel.
