CA Treasurer to Propose State Pensions Divest Holdings in Gun Manufacturers
California Treasurer Bill Lockyer will propose that California's public employees' pension funds, which are the largest in the nation, sell off their investments in gun manufacturers.
According to Bloomberg Businessweek, Lockyer, who is a board member of the California Public Employees’ Retirement System and the California State Teachers Employees’ Retirement System, asked that "both funds review their holdings to determine how much they’ve invested in gunmakers. He said he would then propose to divest those stakes."
Lockyer's decision comes after it was discovered that the California State Teachers' Retirement System (CalSTRS) fund owns 6.67% of Bushmaster Firearms International, the company that manufactures the rifle Adam Lanza, the Sandy Hook Elementary School shooter, allegedly used last Friday when he massacred 20 children and six adults.