US

NYC Pension Fund Divests From Gun Retailers

Timothy Meads Contributor

New York City’s largest pension fund is considering selling stock in several companies simply because they sell guns.

The New York Daily News reports Public Advocate Letitia James introduced legislation to New York City Employee Retirement System board condemning gun selling companies. James’s bill called for a study on the economic impact of abandoning stocks in gun retailers.

NYCERS is the city’s largest pension fund, but James sincerely believes reforms are needed within the group. She claims companies like Wal-Mart, Dicks Sporting Goods, and Cabela’s are “risky business” because “gun violence is a plague on our country”.

James continued, “we have a responsibility to decide when the risk is simply not worth it; when the time has to say we want out of the gun business for good.”

Mayor Bill de Blasio’s office also endorsed her bill. The resolution passed Tuesday with only one dissenting voice. A consultant will now analyze the costs and benefits of getting rid of the stocks.