Victims’ families urge California to end gun investments
SACRAMENTO — Families of mass shooting victims and others called Monday for the nation’s largest public pension fund to stop investing in companies that sell assault weapons and devices that allow guns to fire more rapidly.
“Divesting in these companies that sell these weapons will send a clear message that the thoughts and prayers that are sent when these tragedies occur are not enough — the state of California is demanding change,” said Renee Wetzel, whose husband, Mike, was killed in the 2015 San Bernardino terrorist attack. “Don’t let my husband’s death be in vain.”
The California Public Employees’ Retirement System board declined to take action and will further discuss its investments and divestments in gun-related companies next year. Several board members argued remaining an investor gives the fund more influence over shaping company policy.
Four of the five gun retailers CALPERS invests in, including Dick’s Sporting Goods and Walmart, have already stopped selling assault weapons and devices like bump stocks. The fund does not invest in assault weapons manufacturers.
California Treasurer John Chiang, a Democratic candidate for governor who is leading the effort, said he wants the board move forward on divesting from the fifth company, Sportsman’s Warehouse Holdings. A spokesperson for the company could not immediately be reached for comment.
“At some point you have to stand up and you have to put up a big fight so people understand it’s just not talk,” he said.
Joining Chiang were Wetzel and about a dozen other family members of San Bernardino and other mass shooting victims, as well as California alumni of Marjory Stoneman Douglas High School in Parkland, Florida, where 17 people were killed in February. New Jersey, Connecticut, Illinois and New York also are discussing divesting from gun-related companies.
Critics called the effort a political ploy that would hurt the pension fund’s bottom line.
“This is nothing more than a political ploy for you and your run for governor,” said Jason Perez, a representative of the Corona Police Officers Association who said the board should focus on keeping the fund in good financial shape instead. The system has enough money to cover roughly 70 percent of the money it owes to 1.8 million members.