Alameda County board weighs Ethical Investment Policy amid Israel-Gaza debate
A proposed resolution would let Oakland use public funds to defend city officials, employees in criminal cases tied to their duties, as corruption concerns continue to loom over City Hall.
☕️MORNING BUZZ
—Nearly a year after it was first floated, the Alameda County Board of Supervisors is set to take up an Ethical Investment Policy today—a move certain to draw the board into the volatile debate over Israel and Gaza.
The proposal, drafted earlier this year by elected Alameda County Treasurer-Tax Collector Henry Levy, has changed little since its introduction.
While the policy before the board does not directly mention the Middle East conflict, it would discourage investments in companies that generate more than 10 percent of their revenue from the following industries:
Oil and gas, coal
Firearms
Tobacco
Casinos and gaming
Security and correctional facilities
Alcoholic beverages
Defense industries
Levy himself fueled controversy in 2024 when he unilaterally sold $32 million in county bonds tied to Caterpillar Inc., citing the company’s role in Palestine as contrary to county values.
Caterpillar’s bulldozers and other heavy equipment are frequently used by the Israeli government to demolish Palestinian structures, making the company a longtime target of the Boycott, Divestment, Sanctions (BDS) movement.
—Levy’s move to sell county bonds unsettled some county officials at the time. Then-Supervisor Keith Carson push for a formal Ethical Investment Policy in December. But a policy discussion has stalled repeatedly throughout the year.
Today’s meeting is expected to draw a packed crowd with critics who denounce Israel’s human rights abuses in Gaza and the West Bank on one side, a those who opposed the county’s proposed investment policy on the other.
As with many contentious issues before the supervisors, the board is likely to split. Supervisor Lena Tam is once again expected to be the deciding vote.
➕MORE ON THE COUNTY’S ETHICAL INVESTMENT POLICY
On his own, Alameda County treasurer divested from Caterpillar, a symbol of trauma for Palestinians
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—More inside:
COUNTY NEWS: Questions about the county treasurer’s recent financial track record could be an issue at Friday’s Ethical Investment Policy discussion.
Alameda County DA strikes moderate tone, calls out Dems for lacking resolve and a mission.
CITY NEWS: Recalled DA Pamela Price again blasts the author of Oakland’s proposed strategy to clear homeless encampments; Oakland council president’s prediction for said encampment policy.
Oakland city attorney’s move hints at a new, fresh wave of scandal is about to slam into City Hall.
CAMPAIGN FINANCE: Moneyball data for Sept. 26 through Oct. 2.
COUNTY NEWS
ETHICAL INVESTMENT POLICY
—COUNTERPOINT—When the Alameda County Board of Supervisors takes up the proposed Ethical Investment Policy on Friday, opponents are expected to shift the focus to Treasurer-Tax Collector Henry Levy’s own performance.
—Since 2022, the county’s $11.5 billion investment pool has underperformed by more than $160 million, including $65 million last year alone, according to an independent financial report that is making the rounds at the county level.
—Critics assert Levy quietly removed the portfolio’s benchmark and replaced the long-standing “book yield” measure with a rosier but misleading figure called a “book return,” making results look better on paper while losses mounted.
—Additionally, they plan to argue that restricting future investments based on ethics will limit the county’s investment returns at a time when the treasurer is already failing to meet his benchmarks.
DISTRICT ATTORNEY
—ON PUBLIC SAFETY—Appointed Alameda County District Attorney Ursula Jones Dickson says she hears the strongest support for her work from Oakland’s flatlands, where residents weary of crime want results, not rhetoric.
—That sentiment, she says, fuels her push for a centrist, consensus-driven approach to politics, a Democratic Party more focused on broad missions than small skirmishes, and a prosecutor’s office she vows will stand firmly with victims.
—She made the comments on The Marinade with Lee Thomas podcast this week. (Listen to Part 1 of the episode below.)
—Jones Dickson, appointed earlier this year, said her philosophy comes from listening directly to people most affected by violence. “The people that are experiencing this every day—they’re done with it. They want some course correct,” she said.
—That frustration, she argued, mirrors a larger political problem. “I’m not a conservative. I’m not a progressive. I’m a moderate because I believe in finding consensus so that we can actually get to something that we agree on.”
—She also pressed fellow Democrats to abandon piecemeal battles for a broader vision.
—“We need a mission, and I say that to my fellow Democrats,” she said. “We need a mission to win. It can’t be these little goals here and there. For me, the mission is public safety.”
—Jones Dickson will be on the ballot in June 2026 for the chance to fill out the remaining two years of recalled Alameda County DA Pamela Price’s term.
—Jones Dickson emphasized that under her leadership, the District Attorney’s Office is recommitting to victims while balancing the rights of defendants, a clear dig at Price.
—“I need people to know that this office is back to fight for victims,” she said. “I’m going to keep that coming out of my mouth until the end of days that we represent all of the people in Alameda County.”
—PRICE POINTS—Former Alameda County District Attorney Pamela Price is back to kicking dirt on Oakland Councilmember Ken Houston.
—In a clip from Price’s podcast, Pamela Price Unfiltered, she tore into Houston for his proposed Encampment Abatement Policy and its initial iteration that includes vehicle removal, citations, and even arrest.
—Questioning Houston’s sincerity for helping the homeless, Price refered to a social media post by Houston that denigrated the homeless. She rhetorically asked, “The same Ken Houston that said 90 percent of the people unhoused don’t deserve to be helped?”
—Price resurfaced a host of other allegations against Houston in the video posted last week. Earlier this year, Price lodged similar criticisms of Houston following his election to the Oakland City Council.
CITY NEWS
OAKLAND
—Oakland City Council President Kevin Jenkins believes Councilmember Ken Houston’s Encampment Abatement Policy will ultimately be approved by the City Council. But not in its current form.
—Jenkins, speaking at the East Bay Insiders Morning Buzz Q&A last week said he believes the most controversial parts of Houston’s plan to clear encampments and RVs from city streets will be scrapped.
—Specifically, references to punitive actions such as citations and arrests of unhoused individuals.
—LAW & ORDER SPINOFF—Oakland’s city attorney is laying the groundwork for possibly using taxpayers funds to defend city officials and employees.
—A resolution proposes the city provide legal defense for city officers and employees in “criminal proceedings for acts or omissions within the scope of their official duties.”
—A reading of the resolution’s title was heard at the Oakland City Council Rules Committee on Thursday, and will return to the same committee on Oct. 16.
—The move is not related to the ongoing FBI public corruption investigation involving Sheng Thao, two Oakland businessmen, and others, according to a source with knowledge of the intent behind the resolution, but involves a host of allegations focused on several areas within City Hall.
—The cryptic statements made this week by appointed Alameda County District Attorney Ursula Jones Dickson on the podcast, The Marinade with Lee Thomas, may be a reference to a new front forming in Oakland’s struggles with public corruption.
—“There will be—I’m sure just the way things are going—politicians that find a way into my office, and that’s unfortunate,” Jones Dickson said. “At some point there’s a course correction, and we start realizing that you can’t be so beholden to people’s requests, needs, demands.”
CAMPAIGN FINANCE
—💰MONEYBALL—Form 497 large campaign contributions filed on Sept. 26 through Oct. 2:
ALAMEDA COUNTY
BOARD OF SUPERVISORS
—David Haubert for Supervisor 2028, Anil Sharma of Fremont, $5,000. TOTAL: $5,000.
CENTRAL COMMITTEES
—Alameda County Democratic Central Committee, UA Local 342 PAC, $5,000; Unity PAC, a sponsored committee of the Alameda Labor Council, AFL-CIO, $3,500; Albany Berkeley United Democratic Campaign, $1,500. TOTAL: $10,000.
STATE LEGISLATURE
STATE ASSEMBLY
—Liz Ortega-Toro for Assembly 2026, SEIU California State Council Small Contributor Committee, $10,900. TOTAL: $10,900.
—Buffy Wicks for Assembly 2026, California Broadband & Video Association, $5,000. TOTAL: $5,000.
STATEWIDE
STATE CONTROLLER
—Tim Grayson for State Controller 2030, Steamfitters Local 342 PAC, $4,900. TOTAL: $4,900.