Yale pulls plug on assault weapons outlets

Yale University’s US$27.2 billion endowment won’t invest in retail outlets that market and sell assault weapons to the public.

Yale’s advisory committee on investor responsibility recommended the ban to a committee of the board of trustees, which adopted the policy recently. The New Haven, Conn.-based university, the second-richest in the U.S., announced the policy in a statement Aug. 21.

College endowments are often asked by students to shed their investments in controversial holdings, such as those related to climate change or guns.

Yale’s policy applies to traditional retail distributors, as well as promoters and dealers who organize and sell assault weapons at gun shows.

“The loss of life resulting from mass shootings in our country is deeply tragic,” according to the statement.

The eight-member advisory committee, which includes faculty members, staff, students and alumni, advises the Yale Corp.’s committee on investor responsibility and “determined that mass shootings cause incontrovertible societal harm and retailers supplying assault weapons to the general public cause grave social injury.” according to the policy on the school’s website.

The advisory group develops recommendations for presentation to the Yale Corp. on issues related to the endowment.

Jonathan Macey, the committee’s chair and a Yale law professor, said he didn’t believe the endowment had any holdings of retailers that sell assault-weapons. Ready for retirement? Find out at Personal Finance, financialpost. com