SUPERVISOR MARK FARRELL TO INTRODUCE PROPOSAL CALLING ON SAN FRANCISCO TO DIVEST FROM FIREARM AND AMMUNITION MANUFACTURERS

SAN FRANCISCO – At tomorrow’s Board of Supervisors meeting, Supervisor Mark Farrell will introduce a proposal calling on the San Francisco Retirement Board to immediately divest its investments in three companies that participate in the firearm and ammunition manufacturing business.

SUPERVISOR MARK FARRELL TO INTRODUCE PROPOSAL CALLING ON SAN FRANCISCO TO DIVEST FROM FIREARM AND AMMUNITION MANUFACTURERS

 

SAN FRANCISCO – At tomorrow’s Board of Supervisors meeting, Supervisor Mark Farrell will introduce a proposal calling on the San Francisco Retirement Board to immediately divest its investments in three companies that participate in the firearm and ammunition manufacturing business.

 

“San Francisco should not be in the business of investing in companies that enable the senseless gun violence we continue see day-after-day in our communities across the country,” said Supervisor Mark Farrell. “Divesting from these companies will send the strong message that San Francisco is and will continue to fight for common sense gun safety policies that will protect public safety and save lives.”

 

Currently, the San Francisco Employees’ Retirement System has just over $1 million in investments in three different companies that are in the firearm and ammunition manufacturing business. The companies are: Orbital ATK, Vista Outdoor, and Sturm, Ruger & Co.

 

In the wake of mass gun violence a number of municipal retirement funds, including the California State Teachers’ Retirement System (CalSTRS) and the country’s largest pension fund, the California Public Employees’ Retirement System (CalPERS) have voted to divest from investments in firearms and ammunition manufacturers.

 

“One of the most powerful statements you can make is with your checkbook,” said Supervisor Mark Farrell. “I believe the San Francisco pension system checkbook should not be supporting companies that are in the business of manufacturing guns and ammunition, which come back to kill residents on our streets”

 

Currently, gun sales in the United States are on track to reach a record high in 2016. Data shows that each new mass shooting in America brings a surge in share prices for companies in the firearm and ammunition manufacturing business.

 

After the Sandy Hook massacre, the San Francisco Retirement Board hosted a hearing in 2013 on divesting from companies that are in the firearm and ammunition manufacturing business. Since that hearing, the Retirement Board has not taken any direct action, or hosted any additional public hearings on divestment.

 

Public divestment campaigns are a powerful tool for creating policy change, and Supervisor Farrell’s proposal will be voted on by the full Board of Supervisors at their June 28, 2016 meeting.

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