Chicago Pension Funds to Divest Gun Makers

Jan 14, 2013 11:25am

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Chicago Mayor Rahm Emanuel said Monday he would ask the city pension funds to divest from any investments in companies that manufacture guns and will “lead a charge” among all mayors to tackle the issue.

“I’ve ordered all the Chicago pension funds to check any of their investments, and if they have it, we’re going to divest of any investments they have in any gun manufacturer,” Emanuel said at the Center for American Progress Monday morning. “I’m going to lead a charge also among mayors, all mayors to head that effort.”

Chicago Comptroller Amer Ahmad will review the five major pension funds, which contain more than $13.5 billion in assets, to determine if there are any connections to gun manufacturers, the mayor’s office said in a statement.

Emanuel, who was joined by Rep. Mike Thompson, D-Calif., chair of the House Gun Violence Prevention Task force, called for a comprehensive approach to gun control, and suggested that the initiatives should begin in the Democrat-controlled Senate.

“Start in the Senate, that’s where  you’re going to get your best leverage and then clear your decks and have the entire focus for a period of time on the House and I think…put the burner up,” Emanuel said.

While the White House has not announced a timetable to release its detailed plan on potential gun legislation, Emanuel suggested he would embrace the president’s package as early as Tuesday.

“I’m going to be… supporting the president’s entire package tomorrow,” Emanuel said.

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