Israeli Prime Minister Benjamin Netanyahu attends a voting session in the Knesset in Jerusalem on Monday. EPA
Israeli Prime Minister Benjamin Netanyahu attends a voting session in the Knesset in Jerusalem on Monday. EPA
Israeli Prime Minister Benjamin Netanyahu attends a voting session in the Knesset in Jerusalem on Monday. EPA
Israeli Prime Minister Benjamin Netanyahu attends a voting session in the Knesset in Jerusalem on Monday. EPA

White House welcomes Netanyahu's delay to judicial overhaul


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The White House on Monday welcomed Prime Minister Benjamin Netanyahu's decision to delay a proposed overhaul of Israel's judiciary, after the measure sparked mass protests and a general strike.

Critics say the proposal by Mr Netanyahu's far-right government is an attack on the country's democracy because it would make it harder for the Supreme Court to rule against the legislature and the executive branches.

"We welcome this announcement as an opportunity to create additional time and space for compromise. A compromise is precisely what we have been calling for," White House spokeswoman Karine Jean-Pierre said.

"We continue to strongly urge Israeli leaders to find a compromise as soon as possible."

Mr Netanyahu on Monday delayed the decision on his plans for a judicial overhaul until next month amid fears that the country's worst national crisis in years could fracture his coalition or escalate into violence.

US President Joe Biden recently spoke directly to Israeli Prime Minister Benjamin Netanyahu to express his concerns over the proposed overhaul.

Mr Biden "definitely shared his concerns over this legislation with Prime Minister Netanyahu directly", White House National Security Council spokesman John Kirby said on Monday.

"It really does come from a place of supporting the very idea of checks and balances."

Amid the domestic and international backlash, Mr Netanyahu on Monday delayed his proposals to allow for greater public discussions.

But that was only after tens of thousands of people took to the streets and many of Israel's sectors were brought to a halt by a general strike.

Mr Kirby said the White House remained "deeply concerned" by recent developments, "which further underscored our view of the urgent need for compromise".

Israeli backlash grew over the weekend after Mr Netanyahu fired his defence minister, Yoav Gallant, who spoke out against the reform bill.

Aaron Miller, who was a Middle East adviser to the US State Department, said there was little the Biden administration could do from a practical standpoint to influence Israeli policy on the issue.

"On judicial reform, they basically made a decision to allow the Israelis to do the walking and the talking, and that's as it should be," Mr Miller told The National.

"Watch what's going on in the streets over the last 13 weeks, an extraordinary demonstration of coherence and resolve …

"The administration could not do any better than that. They will encourage from the sidelines, they'll talk about the need for compromise and consensus."

US Secretary of State Antony Blinken last week told Congress that the proposal was an "internal matter", but when Mr Biden spoke to Mr Netanyahu it was a "pretty tough" phone call, Mr Miller said.

"But there's not much they can do. I suspect they could only make matters worse if they start to intervene and intrude in Israeli politics," he said. "It's never worked out."

Mr Biden is this week hosting the second Summit of Democracy and Israel's presence there could have been awkward for the White House had Mr Netanyahu pressed ahead with his overhaul of the judiciary.

Jonathan Schanzer, senior vice president for research at the Foundation for Defence of Democracies, which studies Israel closely, said the Biden administration could have been left in a tough spot if the proposed reforms had passed.

"We'd likely have seen some tough words from the White House about the weakening of Israeli democracy," Mr Schanzer told The National from Tel Aviv.

"It certainly could have put Israel in a precarious situation where it would be seen as a less robust democracy or weaker than it had been the day before."

Bob Menendez, chairman of the Senate foreign relations committee, said he was closely watching developments in Israel.

"I urge all to continue to heed voices calling for calm and consensus building," Mr Menendez wrote on Twitter.

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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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Updated: March 28, 2023, 10:08 AM`