HARTFORD, Conn. (WTNH) — Connecticut’s treasurer, who oversees $37 billion in public pension funds, announced plans Tuesday to reallocate $30 million worth of shares in civilian firearm manufacturer securities while banning similar future investments and creating incentives for banks and financial institutions to enact gun-related policies.
Treasurer Shawn Wooden announced the policy Tuesday saying, “our nation and our neighborhoods continue to be ravaged by senseless gun violence.”
Wooden lost his own cousin to gun violence and said this becomes a personal issue to him.
“Gun violence is a matter of significant financial concern which warrants attention of this office,” Wooden said during a news conference.
Right now, Connecticut pension funds are currently invested in five of 17 companies identified by an independent index as producers of guns and ammunition.
Wooden plans to also ban similar future investments and create incentives for banks and financial institutions to enact gun-related policies.
Governor Ned Lamont released a statement supporting Wooden’s policy Tuesday.
“The treasurer’s decision to divest from gun manufacturers and enact a first-of-its-kind, comprehensive, responsible gun policy should be applauded. Connecticut continues to be a leader in responsible gun safety policies and as a state, we must go beyond legislation in order to reflect the importance of protecting our communities from gun violence. While divesting sends a strong message, we still need a moment of action in Washington that will bring an end to the mass shootings that have become an everyday tragedy for our country.”
If this policy is approved by an advisory board, it will mark the first time Connecticut has taken the step of divesting shares in firearm-related companies since the 2012 Sandy Hook Elementary School shooting.