Dallas-based bank Comerica recently closed an account made by the anti-Israeli legal group International Association of Democratic Lawyers (IADL).
The IADL is a fierce proponent of the Boycott, Divestment and Sanctions (BDS) movement against Israel. Comerica made the decision following pressure by politicians and human rights organizations in Texas. In fact, distinguished former Harvard Law professor Alan Dershowitz describes the IADL as "anti-democratic to its core and supportive of terrorism and repression." [1]
Texas has gone a step further by passing the anti-BDS law which penalizes state entities and Texas companies that do business with groups that engage in BDS tactics. The law was signed on May 2, Israel’s Independence Day, and is a measure that Texas Governor Greg Abbott hopes will serve as an affirmation of United States’ commitment to its long-time alliance with the state of Israel. The Governor states, “Anti-Israel policies are anti-Texas policies, and we will not tolerate such actions against an important ally.” [2]
Days after the anti-BDS law was signed, the Texas-Israel Chamber of Commerce held the historic Israel Water Innovation Showcase. The event was held in partnership with the Ministry of Economy and the Meadows Center and was a critical step in demonstrating the economic benefits of increased economic ties between Texas and Israel. In fact, Texas can go a step further beyond incentivizing divestment of pro-BDS firms by considering ways in which it can invest in Israeli’s economy in the areas wherein both states overlap. Those areas being: water, energy, cyber security and biomedical devices.
[1] Quote from: http://www.jpost.com/Arab-Israeli-Conflict/Dershowitz-calls-on-banks-to-close-accounts-boycotting-Israel-482596 [2] Quote from: http://www.jpost.com/Israel-News/Texas-governor-signs-anti-BDS-bill-on-Israels-Independence-Day-489542
Sources: http://www.jpost.com/Diaspora/Texas-Spanish-banks-slammed-over-Israel-boycott-accounts-483205 http://hamodia.com/2017/05/07/dallas-bank-shuts-bds-account/ https://unitedwithisrael.org/comerica-bank-closes-bds-linked-account/ http://www.jpost.com/Arab-Israeli-Conflict/Dershowitz-calls-on-banks-to-close-accounts-boycotting-Israel-48259 http://www.jpost.com/Israel-News/Texas-governor-signs-anti-BDS-bill-on-Israels-Independence-Day-489542