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Urbana adopts revised financial policy adding AFSC list to ethical‑investment criteria
Summary
The Urbana City Council voted unanimously to adopt a revised financial policy that adds the American Friends Service Committee list to its ethical‑investment criteria, a move supporters framed as aligning city investments with community values and opponents warned moves into foreign policy. Implementation steps were assigned to Finance.
Urbana City Council members on Monday voted to adopt a revised financial policy that expands the city’s ethical‑investment criteria to include the American Friends Service Committee (AFSC) list of companies cited for alleged involvement in human‑rights harms in Gaza.
Supporters described the change as an ethical alignment of investments with municipal values. "It's commendable that the city will not invest in corporations on the CRI top 100 arms producing and military service companies," said Al Kagan, who testified in favor of the resolution. Several speakers and emailed statements noted other jurisdictions have adopted similar lists and argued Urbana should follow suit.
Opponents urged caution. Jacqueline Ross told the council that describing the situation in Gaza as 'genocide' was legally and morally fraught and said the council should avoid making foreign‑policy determinations. Council discussion acknowledged that the AFSC list can trigger actual changes in where the city places funds — a possibility that staff and council said needs careful coordination with the Illinois Fund and fund managers.
The motion as adopted included the AFSC list and passed on a roll‑call vote with all members in favor. The Finance Department was directed to coordinate implementation steps and report back to council; staff noted the practical effect of the CRI list alone would not have forced immediate reallocation but adding the AFSC list could.
What happens next: Finance staff will work with trustees and the Illinois Fund to operationalize the policy and report implementation steps by the end of June so the city can meet procedural deadlines and ensure compliance with fiduciary requirements.
