# Stacy Garrity Pennsylvania Treasurer (Republican). Featured in the 11/4/2024 SFOF newsletter to Dennis Milligan as the model case study for state-financial-officer Israel Bonds adoption. Was on the 11/5/2024 general election ballot for re-election as Pennsylvania Treasurer against Erin McClelland (Democrat). Garrity made a $20 million investment in Israeli bonds on 10/12/2023, five days after the Hamas attack on Israel on 10/7/2023. Her stated rationale combined political solidarity with financial justification: "to show our support at a time when the people of Israel are facing horrific terrorism" and "pay above-market returns and they've never defaulted." This combined framing is the model the SFOF newsletter promoted to its constituency of conservative state financial officers, including Milligan. The opposing candidate's framing in the newsletter critiqued the politicized rationale: McClelland argued Garrity "politicized the state's investments with foreign policy considerations" and noted "there are too many factors when you're dealing with a foreign country that you cannot control for." McClelland would have used state investments to "promote stricter human rights and environmental standards in corporate supply chains." The Garrity model is significant in the Arkansas investigation because it pre-dates and prefigures the Arkansas pension Israel Bonds adoption. Garrity's 10/12/2023 investment occurred approximately one year before Brady's 10/23/2024 outreach to ATRS and APERS. The SFOF newsletter to Milligan packaged the Garrity rationale as the example to follow. Whether and to what extent Milligan or other Arkansas actors consciously modeled the Arkansas approach on the Garrity precedent is not established by the materials in this batch, but the SFOF distribution timing places the Garrity narrative in Milligan's inbox at precisely the moment the Arkansas pension outreach was being initiated. Garrity does not appear in the production beyond this single SFOF newsletter feature. ## Evidence > "Garrity invested $20 million in Israeli bonds on Oct. 12, 2023, saying it was important 'to show our support at a time when the people of Israel are facing horrific terrorism.' Garrity said the bonds are a good investment because they 'pay above-market returns and they've never defaulted.'" > SFOF newsletter, Pre-Election Update from the States - 4 nov 24.pdf p.4, 11/4/2024 > "Incumbent Stacy Garrity (R) and Erin McClelland (D) are running in the Nov. 5, 2024, general election for Pennsylvania Treasurer. ESG and Israeli bonds have emerged as issues in the race." > SFOF newsletter, Pre-Election Update from the States - 4 nov 24.pdf p.4 > "McClelland has argued Garrity politicized the state's investments with foreign policy considerations. She said there are 'too many factors when you're dealing with a foreign country that you cannot control for.'" > SFOF newsletter, Pre-Election Update from the States - 4 nov 24.pdf p.4-5 ## Cross-References [[sfof]] organization that featured Garrity as a model [[oj-oleka]] SFOF CEO who distributed the newsletter [[dennis-milligan]] recipient of the SFOF newsletter [[sfof-state-financial-officer-network]] concept page on the network using Garrity as a model [[pecuniary-frame-act-498]] companion concept page on rationale framing [[auditor-foia-r1-milligan]] source page