Bloomberg News

Emanuel Orders Chicago Pensions to Review Weapon Holdings

January 14, 2013

Emanuel Orders Chicago Pensions to Review Weapon Holdings

Chicago Mayor Rahm Emanuel. Photographer: Scott Olson/Getty Images

Chicago Mayor Rahm Emanuel ordered a review of city pension-fund holdings today to determine whether fund managers hold stakes in companies that manufacture or sell military-style guns.

“We cannot support or invest in companies that profit from the proliferation of assault weapons and the violence these guns bring to our communities,” Emanuel said in a statement released by his office.

“If our fund managers have invested in a company that manufactures or sells assault weapons, I will ask them to remove these investments from our retirement funds,” said Emanuel, who ordered Comptroller Amer Ahmad to request the analysis from five pension and retirement funds for city employees.

An assault rifle was used in the Dec. 14 killings of 20 children and six adults at Sandy Hook Elementary School in Newtown, Connecticut. And Chicago has its own struggle with violence: The city reported 506 homicides in 2012, its highest number in four years.

Emanuel’s directive comes one week after California Treasurer Bill Lockyer expanded his proposal to have the state’s pension funds divest holdings in firearms manufacturers to include companies that make high-capacity ammunition clips.

Lockyer last month proposed that the California Public Employees Retirement System, or Calpers and the California State Teachers’ Retirement System, known as Calstrs, sell their investments in any gunmaker that produces weapons that are banned in California.

To contact the reporter on this story: Tim Jones in Chicago at tjones58@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net


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