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New York City Public Advocate Bill de Blasio on efforts to get the city’s five public pension funds to eliminate gun stocks from their funds.
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We'll less than a week after the Connecticut shooting that killed 26 including twenty very young children.
-- stocks which took a huge dive over the past three days are making a bit of a comeback.
From their initial pullback starting on Friday it now a trustee of New York city's largest public pension.
Is calling for the -- to get out of guns joining me now in the first on Fox Business interview -- New York City public deficit and then -- serious trustee.
Still diplomacy -- good to have you -- thank you this show me the letter in your handheld.
-- -- -- sent this letter today to -- -- divestment action and this is for all five of our city pension funds with a combined assets of a 115 billion and it's time to get out a gun industry on the same as a parent.
And as a public servant.
This is a watershed moment in American history it it's tragic that it took this to.
Bring us to the understanding we have to change things we can't -- businesses usually not a fact that.
This tragic young man had access to a legal military grade assault rifle.
Says at all and pension funds around this country including the the pension funds hearsay which had eighteen million in investments in the gun industry.
Unfortunately have added to the sort of normalcy of the situation -- to change that's like you've got about in the five pensions easier for firefighters and police officers and NYC teachers teachers and why relate deeply I'll have you heard from teachers -- -- -- I have heard from all sorts of New Yorkers who think.
This is time for a change that if not now when by the our mayor Michael Bloomberg has been exactly on target calling for changes in the federal.
Legislation and pushing the president I think the president needs to push -- -- something else we can do.
Which is change business as usual -- how we invest wallets they almighty dollar when you pull the money you start to see perhaps the real action.
This letter is to John -- the comptroller of New York that's -- what kind of action do you expect have you heard from him yet but we're talking to on the -- estate generally -- -- second is the next meeting of the pension funds and we hope there have been divestment action will be initiated.
-- straddle a very thin line here at them.
You have shareholder.
Importance here you have to think about your pensioners -- He's -- stocks have done very well since the start of the year until this disgusting and horrifying shooting but.
How do you sort of straddle that line and say.
You -- would we rather give up profits in this way find it somewhere else Lewis -- -- volatility last two days with a gun stocks right there there is a question mark about how you know good investment there are going for but I think -- we do have plenty of other good options.
And we can't contribute something that that makes our society worse and that's particularly true for urban areas so I think it's it's time for this kind of change the people are demanding it.
And I hope other pension funds around the country will follow soon we're gonna reach out and asked -- the do the same.
What are this the pension holdings is it just -- Sturm -- firearm companies -- Smith & Wesson or is it also vis the ammunition there's a company called alliance there's -- ammunition ticker symbol OL -- Is this what you guys -- capsule it's there it's a gun companies it's ammunition makers it's anyone -- -- makes the military grade weapons that are available on the domestic market that's the core of the problem here.
There's a number of firms and obviously service is an example of firms that invested.
And that we also have to look at we should we should remember cerberus owns the company that made the bushmaster.
Okay that gun that was used up in Connecticut -- murder twenty children six adults including brilliant teachers.
It's just horrifying to keep that mind but.
Eighteen million.
In -- holdings for multi multi billion dollar pension funds does that really make a statement our difference if the other pension funds of this country the public pension funds which combining -- -- -- state and local defined benefit funds about one point five trillion in assets in this country.
If we work in unison nationwide it'll make a big impact -- Massachusetts is also looking into this right as far as their state pensions are concerned that you know.
Do we risk for getting as the days go by yes.
Because it.
You have not heard assembly heard from senator Joseph mansion.
But you have not heard from Republican speaking out you know book are our colleagues operated -- -- Joseph Scarborough went on a rant today saying where are the Republican speaking out about this.
At do we need to really hear from politicians speak in a shorter period of time about what's gonna happen with.
We absolutely do list this is a watershed moment this is a crossing the rubicon here we're either gonna fix the problem guns in this country here and now.
Or lose this moment and then will lose more children that's -- blunt reality.
Whether it's in city streets from gangs or whether it's him horrible street -- -- so what I would say is yes Republicans should stand up and say.
Reasonable gun control the -- mayor Bloomberg's caller reported a fellow Republican reasonable gun control now.
And we can't have business as usual that's why it is so important what the dollars and cents approach people this country have to know.
That we as leaders are responding on every level of about protect our children.
You -- fight hard for this you have -- a little divest all -- stocks this is the letter sent to John -- the comptroller of New York first on Fox Business built -- you know.
As a trustee of NYC -- forty billion in assets Erica pension fund please keep us posted thank you lose it'll be news if if she'll pull out thank you very -- very much -- the policy of closing bell ringing.
