Mayor Bill de Blasio, on Wednesday, January 6, submitted a resolution to the New York City Police Pension Fund (PPF) to analyze gun divestment.
This, the mayor said, is the first step in ensuring that no public pension funds flow to gun manufacturers who produce assault weapons and high-capacity ammunition magazines and market such products for civilian purchase.
“After the countless tragedies involving assault weapons, public outcry over mass shootings and legislative proposals to outlaw assault weapons, we should not be investing in companies that manufacture and market assault weapons to civilians – ever,” said de Blasio. “Those weapons belong in the hands of the military and law enforcement only.”
The resolution formally requests that the Bureau of Asset Management and the fund’s General Consultant conduct an analysis identifying investments in companies that manufacture such machinery – such as well-known arms manufacturer Smith and Wesson.
The PPF is expected to vote on the mayor’s resolution in the coming months. Similar resolutions will be submitted to Uniformed Fire Pensions and the Board of Education Retirement System.