January 19, 2013

Mayor Emanuel Encourages All Mayors to Eliminate Assault Weapon Companies from Pension and Retirement Funds

Also Asks Chicago Sister Agencies to Review Their Portfolios to Sever Ties with Assault Weapons Firms

Mayor's Press Office    312.744.3334

At the U.S. Conference of Mayors annual meeting in Washington DC today, Mayor Rahm Emanuel called on city leaders from the across country to follow Chicago’s lead and sever all ties with companies that manufacture or sell assault weapons.

“Mayors from across the country have firsthand knowledge of the damage these weapons cause in our communities, and there is no return on investment great enough to justify supporting the weapons manufacturers or dealers,” said Mayor Emanuel. “I’m encouraging every city leader to ask their pension and retirement fund managers to determine if they have invested in a company that manufactures or sells assault weapons and ask them to remove these investments from their funds, just as we are doing in Chicago.”

On Monday, Mayor Emanuel ordered a portfolio analysis from the five pension and retirement funds for Chicago employees to determine if fund managers hold underlying debt or equity positions in companies that manufacture or sell assault weapons as the first step towards removing these companies from the investment plans.

He is also asking Chicago’s sister agencies – the Chicago Transit Authority, Chicago Housing Authority, Chicago Park District – to conduct the same review.  The Chicago Teachers Pension Fund, which has $9.5 billion in assets, voted on Thursday to divest its $146,000 of investments with gun manufacturing companies.