LA Mayor: Divert Retirement Funds From Gun Companies - DC News FOX 5 DC WTTG

LA Mayor: Move Retirement Funds From Gun Companies

Posted: Updated:

LOS ANGELES (CNS) - Mayor Antonio Villaraigosa today called for the city's three pension fund managers to divest from companies that make firearms, ammunition or high-capacity ammunition magazines.

Villaraigosa made the announcement during an afternoon news conference to reiterate his call for curbing gun violence with a renewed ban on the sale of assault weapons and high-capacity magazines. City Councilwoman Jan Perry first proposed retirement funds divest from gun and ammo companies on Friday.

"I don't want to make a quarter, not a penny, not a dime on companies that make those weapons of war," Villaraigosa said.

In letters sent today, Villaraigosa asked the governing boards of the retirement funds for Department of Water and Power employees, the city's nearly 20,000 civilian workers and nearly 14,000 police and firefighters to look into how much money the city has invested in companies that produce guns or ammunition.

"The city of Los Angeles funds should not go to profit companies that produce weapons designed to maximize carnage and death," Villaraigosa said. "It is a moral and financial imperative to end the relationship with these companies."

It could take weeks to find out how much money the city has invested in firearms makers, the mayor said. He also acknowledged that some of the city's investments in hedge funds would make it difficult to know for sure whether gun or ammunition manufacturers are profiting from the city's retirement funds' investments.

Villaraigosa said he supports President Barack Obama's proposals and actions earlier today to curb gun violence, including to study the rates and causes of gun violence accross the country. The mayor accused the gun advocates including the National Rifle Association of actively blocking the studies.

The NRA, which has called for armed security guards at schools across the nation to prevent shootings like the one that occurred last month in Newtown, Conn., said in response to Obama's proposals, "Attacking firearms and ignoring children is not a solution to the crisis we face as a nation.

"Only honest, law-abiding gun owners will be affected and our children will remain vulnerable to the inevitability of more tragedy," according to the group.

The mayor said he supports a proposal by City Councilman Paul Krekorian Tuesday to ban not just the sale, but the possession of high-capacity ammunition magazines in the city.

Villaraigosa sent a list of recommendations to Vice President Joe Biden last week on how to reduce gun violence. They included a new federal ban on the production, sale and possession of automatic weapons and large-capacity magazines; more federal funding for local law enforcement to support gun buybacks and staff to monitor prohibited persons databases; and a requirement for ammunition sellers to keep records of ammunition sales and to obtain a federal license regardless of whether they sell firearms.

"The country is anxious for intelligent solutions to gun violence and is looking to us as leaders to ensure their safety and their children's safety," the mayor wrote in the letter to Biden.

  • Share ThisMore>>

  • Griffith Park Mountain Lion Found Sick, Possibly Poisoned

    Griffith Park Mountain Lion Found Sick, Possibly Poisoned

    Thursday, April 17 2014 3:26 PM EDT2014-04-17 19:26:14 GMT
    Rat poison may be responsible for the sorry condition of a wild mountain lion in LA's Griffith Park. The mountain lion is known to the National Park Service as ‘P-22'.
    Rat poison may be responsible for the sorry condition of a wild mountain lion in LA's Griffith Park. The mountain lion is known to the National Park Service as ‘P-22'.
  • myFOX Tech

    Tired, Sore Eyes? Enter: Gunnar Optiks Intercept

    Tired, Sore Eyes? Enter: Gunnar Optiks Intercept

    Thursday, April 17 2014 1:39 PM EDT2014-04-17 17:39:18 GMT
    I met the folks from Gunnar Optiks at CES this year and they had something new to show me. The Intercepts. I have a big head, these are big frames, it was kismet but do they work as good as they look? We'll see.
    I met the folks from Gunnar Optiks at CES this year and they had something new to show me. The Intercepts. I have a big head, these are big frames, it was kismet but would my eyes revel in this serendipitous confluence of events? We'll see.
  • Mich. judge to killer: 'I hope you die in prison'

    Mich. judge to killer: 'I hope you die in prison'

    Thursday, April 17 2014 9:42 AM EDT2014-04-17 13:42:06 GMT
    A Michigan judge goes off after a convicted killer mocked her victim's family during sentencing on Wednesday. Find out what made Judge John McBain say "I hope you die in prison."
    A Michigan judge goes off after a convicted killer mocked her victim's family during sentencing on Wednesday. Find out what made Judge John McBain say "I hope you die in prison."
Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices