Finance
The rise of Israel's finance minister Bezalel Smotrich
A look at the rise Israel’s finance minister who has become perhaps the most influential man in the country, alongside Prime Minister Benjamin Netanyahu.
MARY LOUISE KELLY, HOST:
Israel’s finance minister has become arguably the most influential man in the country, alongside Prime Minister Benjamin Netanyahu. He’s an ultranationalist and a West Bank settler who has repeatedly called for Israel to resettle the Gaza Strip. He has threatened to collapse Netanyahu’s government if the war in Gaza ends. And this week, the war resumed after a 42-day ceasefire ended with Israeli strikes that killed more than 400 Palestinians. NPR’s Hadeel Al-Shalchi looks into his rise to power in Israel.
HADEEL AL-SHALCHI, BYLINE: Israeli Finance Minister Bezalel Smotrich was once a wanted man by Israel’s version of the FBI. In 2005, Israel was rocked by mass protests. Israeli settlers were demonstrating against the removal of Jewish settlements from Gaza. At the time, Dvir Kariv was an agent with Israel’s internal security agency, the Shin Bet.
DVIR KARIV: (Non-English language spoken).
AL-SHALCHI: Kariv says late on July 11, 2005, they raided a home in central Israel.
KARIV: (Non-English language spoken).
AL-SHALCHI: He says, in the basement, we found several jerry cans filled with a lot of oil and fuel.
KARIV: (Non-English language spoken).
AL-SHALCHI: They arrested five people there. One of them was a student called Bezalel Smotrich. Kariv says the men were interrogated for 3 1/2 weeks.
KARIV: (Non-English language spoken).
AL-SHALCHI: “From the Shin Bet’s perspective, we successfully thwarted what Bezalel Smotrich and his group had planned,” Kariv says. While he says he can’t divulge what that was, Israeli media has reported that Smotrich and his group were planning to blow up a major Israeli highway. Smotrich remained completely silent during his interrogations and was released without charge. He did not give away his secrets, but later, as a politician, he spoke a lot about what drives his political motivations.
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BEZALEL SMOTRICH: (Non-English language spoken).
AL-SHALCHI: “My long-term desire is for the state of Israel to be governed according to the Torah or Jewish holy scripture,” he once told Israeli radio.
Smotrich is an ultranationalist religious Zionist, a type of Judaism that branched out from the secular Zionist movement that founded Israel. While many ultrareligious Jews historically rejected the Zionist movement, a minority accepted it. Many of them embraced the settlement movement after Israel took control of the West Bank and Gaza Strip in the war of 1967. Tomer Persico is a scholar of Jewish extremism.
TOMER PERSICO: The more Jews settle the lands that the state of Israel has conquered, the more redemption is coming close. So it’s a Messianic movement – very motivated, pious and devoted religion.
AL-SHALCHI: Persico says Smotrich is on the far right of the spectrum of religious Zionism, also known as ultra-Orthodox nationalists, who follow Jewish law and reject values like feminism, liberalism and LGBTQ rights. Smotrich and his followers believe that the Israeli-occupied West Bank is the Jewish people’s ancestral home featured in the Bible, a God-given land they must make a permanent part of Israel.
Smotrich, a lawyer, was first elected to parliament in 2015. Two years later, he wrote a manifesto called “Israel’s Decisive Plan.” In it, he writes how to tackle the main obstacle to settling the West Bank – the Palestinians.
PERSICO: Smotrich gives the Palestinians basically three options – emigrate, surrender and live as, let’s say, subjects without the right to vote, or fight and die.
AL-SHALCHI: Only a few years later, Smotrich became the leader of the Religious Zionist Party. Ohad Tal is a lawmaker in Smotrich’s party.
OHAD TAL: I think that he’s a very clever and smart person who understands the reality. He’s presented as somebody radical because people find it hard to accept the truth.
AL-SHALCHI: Smotrich was perfectly poised for what happened in the most recent Israeli national election. Prime Minister Benjamin Netanyahu won and looked for allies to form a coalition, but he’s facing trial on corruption charges. Persico says Netanyahu was desperate.
PERSICO: He didn’t have anyone else. Because of his ongoing trial, people said they would not sit in parliament with him.
AL-SHALCHI: The only parties that would agree to form a government with Netanyahu were the ultra-Orthodox and religious Zionists, including Smotrich’s party. Netanyahu formed a coalition with them, giving them more power than they had ever had before. The prime minister appointed Smotrich as finance minister and to the Ministry of Defense. Jewish extremism scholar Persico.
PERSICO: And in that position, he has basically taken over the civil management of settlers in the occupied territories, meaning he is on the verge of official annexation.
AL-SHALCHI: After the October 2023 attacks on Israel, Netanyahu called on Smotrich to be part of his war cabinet. The finance minister reached for his faith.
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SMOTRICH: (Non-English language spoken).
AL-SHALCHI: “I struggled with this decision and gathered my rabbis to consult with them. After all, I want to influence the war,” he told a group of religious students last year in a video posted online.
Smotrich is reported to regularly consult with a group of rabbis known as the Five. Rabbi Yehoshua Shapira is one of them. He has opposed a hostage deal.
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YEHOSHUA SHAPIRA: (Non-English language spoken).
AL-SHALCHI: “There is joy that hostages will return, but despite that joy, this is a very bad deal for Israel,” Shapira said in an online lecture.
Persico says Smotrich’s faithful devotion is evident every time he threatens to collapse Netanyahu’s coalition if the war doesn’t continue in Gaza, where he ultimately wants to see Jewish settlements rebuilt.
PERSICO: He is the primal force that is withholding the end of the war.
AL-SHALCHI: Smotrich has leveraged this power to further settler ambitions in the West Bank. Just days after Israel paused the war in January and agreed to a deal with Hamas for the release of hostages, Netanyahu ordered the escalation of incursions in the West Bank, causing massive destruction in urban refugee camps and displacing thousands of Palestinians. Israel says it’s to weed out Palestinian militants.
PERSICO: It’s very feasible to say this is just a card Netanyahu gave Smotrich in order to appease him when going into the hostage deal.
AL-SHALCHI: Smotrich was sidelined under President Biden’s administration for his anti-Palestinian rhetoric, and in Israel, polls show that he would not survive another election. Only 11% of the Israeli population voted for Smotrich’s party in the last elections in 2022. This month, Smotrich was invited to Washington, D.C., to meet with his counterpart in President Trump’s administration.
(SOUNDBITE OF ARCHIVED RECORDING)
SMOTRICH: (Non-English language spoken).
AL-SHALCHI: Smotrich rarely gives interviews to U.S. Western media. This month, he gave his first press conference since his trip to the U.S., and I posed a question to him.
(SOUNDBITE OF ARCHIVED RECORDING)
AL-SHALCHI: I have two questions. Do you know anything about…
I ask him about plans for the annexation of the West Bank. Smotrich objects to the word annexation.
(SOUNDBITE OF ARCHIVED RECORDING)
SMOTRICH: (Non-English language spoken).
AL-SHALCHI: “Annexation implies taking something that isn’t yours,” the minister says. “Judea and Samaria” – the biblical name for the West Bank – “belongs to us.”
Trump told reporters his administration would announce its position on West Bank annexation by early March. That date has passed.
(SOUNDBITE OF ARCHIVED RECORDING)
SMOTRICH: (Non-English language spoken).
AL-SHALCHI: Smotrich says, “Israel and the U.S. are in dialogue about it, and I prefer not to go into details.” I reply…
(SOUNDBITE OF ARCHIVED RECORDING)
AL-SHALCHI: Is Trump the man who will make it happen for you? Will he support you to make it happen?
SMOTRICH: (Non-English language spoken).
AL-SHALCHI: “We believe this is the right thing to do,” he says. “We’re engaged in discussions and dialogue.”
So while Smotrich firmly believes he has God’s mandate to take over the West Bank, the question is whether he also has Trump’s blessing.
Hadeel Al-Shalchi, NPR News, Jerusalem.
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Finance
Will Trump’s US$200 Billion MBS Purchase Directive Reshape Federal National Mortgage Association’s (FNMA) Core Narrative?
Finance
Holyoke City Council sends finance overhaul plan to committee for review
HOLYOKE — The City Council has advanced plans to create a finance and administration department, voting to send proposed changes to a subcommittee for further review.
The move follows guidance from the state Division of Local Services aimed at strengthening the city’s internal cash controls, defining clear lines of accountability, and making sure staff have the appropriate education and skill level for their financial roles.
On Tuesday, Councilor Meg Magrath-Smith, who filed the order, said the council needed to change some wording about qualifications based on advice from the human resources department before sending it to the ordinance committee for review.
The committee will discuss and vote on the matter before it can head back to the full City Council for a vote. It meets next Tuesday. The next council meeting is scheduled for Jan. 20.
On Monday, Mayor Joshua Garcia said in his inaugural address that he plans to continue advancing his Municipal Finance Modernization Act.
Last spring, Garcia introduced two budget plans: one showing the current $180 million cost of running the city, and another projecting savings if Holyoke adopted the finance act.
Key proposed changes include realigning departments to meet modern needs, renaming positions and reassigning duties, fixing problems found in decades of audits, and using technology to improve workflow and service.
Garcia said the plan aims to also make government more efficient and accountable by boosting oversight of the mayor and finance departments, requiring audits of all city functions, enforcing penalties for policy violations, and adding fraud protections with stronger reporting.
Other steps included changing the city treasurer from an elected to an appointed position, a measure approved in a special election last January.
Additionally, the city would adopt a financial management policies manual, create a consolidated Finance Department and hire a chief administrative and financial officer to handle forecasting, capital planning and informed decision-making.
Garcia said that the state has suggested creating the CAFO position for almost 20 years and called on the City Council to pass the reform before the end of this fiscal year, so that it can be in place by July 1.
In a previous interview, City Council President Tessa Murphy-Romboletti said nine votes were needed to adopt the financial reform.
She also said past problems stemmed from a lack of proper systems and checks, an issue the city has dealt with since the 1970s.
The mayor would choose this officer, and the City Council will approve the appointment, she said.
In October, the City Council narrowly rejected the finance act in an 8-5 vote.
Supporters ― Michael Sullivan, Israel Rivera, Jenny Rivera, Murphy-Romboletti, Anderson Burgos, former Councilor Kocayne Givner, Patti Devine and Magrath-Smith ― said the city needs modernization and greater transparency.
Opponents ― Howard Greaney Jr., Linda Vacon, former Councilors David Bartley, Kevin Jourdain and Carmen Ocasio — said a qualified treasurer should be appointed first.
Vacon said then the treasurer’s office was “a mess,” and that the city should “fix” one department before “mixing it with another.”
The City Council also clashed over fixes, as the state stopped sending millions in monthly aid because the city hadn’t finished basic financial paperwork for three years.
The main problem came from delays in financial reports from the treasurer’s office.
Holyoke had a history of late filings. For six of the past eight years, the city delayed its required annual financial report, and five times in the past, the state withheld aid.
Council disputes over job descriptions, salaries and reforms also stalled progress.
In November, millions in state aid began flowing back to Holyoke after the city made some progress in closing out its books.
The state had withheld nearly $29 million for four months but even with aid restored, Holyoke still faces big financial problems, the Division of Local Services said.
Finance
Military Troops and Retirees: Here’s the First Financial Step to Take in 2026
Editor’s note: This is the fourth installment of New Year, New You, a weeklong look at your financial health headed into 2026.
You get your W-2 in January and realize you either owe thousands in taxes or get a massive refund. Both mean your withholding was wrong all year.
Most service members set their tax withholding once during in-processing and never look at it again. Life changes. You get married, have kids, buy a house or pick up a second job. Your tax situation changes, but your withholding stays the same.
Adjusting your withholding takes five minutes and can save you from owing the IRS or giving the government an interest-free loan all year.
Use the IRS Tax Withholding Estimator First
Before changing anything, run your numbers through the IRS Tax Withholding Estimator at www.irs.gov/individuals/tax-withholding-estimator. The calculator asks about your filing status, income, current withholding, deductions and credits. It tells you whether you need to adjust.
The calculator considers multiple jobs, spouse income and other factors that affect your tax bill. Running it takes about 10 minutes and prevents you from withholding too much or too little.
Read More: The Cost of Skipping Sick Call: How Active-Duty Service Members Can Protect Future VA Claims
Changing Withholding in myPay (Most Services)
Army, Navy, Air Force, Space Force and Marine Corps members use myPay at mypay.dfas.mil. Log in and click Federal Withholding. Click the yellow pencil icon to edit.
The page lets you enter information about multiple jobs, change dependents, add additional income, make deductions or withhold extra tax. You can see when the changes take effect on the blue bar at the top of the page.
Changes typically show up on your next pay statement. If you make changes early in the month, they might appear on your mid-month paycheck. If you make them later, expect them on the end-of-month check.
State tax withholding works differently. DFAS can only withhold for states with signed agreements. Changes require submitting DD Form 2866 through myPay or by mail. Not all states allow DFAS to withhold state tax.
Changing Withholding in Direct Access (Coast Guard)
Coast Guard members use Direct Access at hcm.direct-access.uscg.mil. The system processes changes the same way as myPay. Log in, navigate to tax withholding and update your information.
Coast Guard members can also submit written requests using IRS Form W-4. Mail completed forms to the Pay and Personnel Center in Topeka, Kansas, or submit them through your Personnel and Administration office.
Read More: Here’s Why January Is the Best Time to File Your VA Disability Claim
When to Adjust Withholding
Check your withholding when major life events happen. Marriage or divorce changes your filing status. Having kids adds dependents. Buying a house affects deductions. A spouse starting or stopping work changes household income.
Military-specific events matter, too. Deploying to a combat zone makes some pay tax-free. PCS moves change state tax situations. Separation from service means losing military income but potentially gaining civilian income.
Check at the start of each year, even if your circumstances seemingly stayed the same. Tax laws change. Brackets adjust for inflation. Your situation might be different even if it seems the same.
The Balance
Withholding too little means owing taxes in April plus potential penalties. Withholding too much means getting a refund but losing access to that money all year.
Some people like big refunds and treat it like forced savings. Others would rather have the money in each paycheck to pay bills, invest or set aside in normal savings.
Neither approach is wrong. What matters is that your withholding matches your tax situation and your preference for how you receive your money.
Run the estimator. Adjust your withholding. Check it annually. This simple process prevents tax surprises.
Previously In This series:
Part 1: 2026 Guide to Pay and Allowances for Military Service Members, Veterans and Retirees
Part 2: Understanding All the Deductions on Your 2026 Military Leave and Earnings Statements
Part 3: Should You Let the Military Set Aside Allotments from Your Pay?
Part 4: This Is the Best Thing to Do With Your 2026 Military Pay Raise
Stay on Top of Your Veteran Benefits
Military benefits are always changing. Keep up with everything from pay to health care by subscribing to Military.com, and get access to up-to-date pay charts and more with all latest benefits delivered straight to your inbox.
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