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Bill would ban pension funds from investing in gun manufacturers

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Sen. Vin Gopal, D--11th District.
Sen. Vin Gopal, D--11th District. - ()

State Sen. Vin Gopal, D –11th District, plans to introduce a bill barring New Jersey public employee pension funds or annuities from investing in gun manufacturer companies.

State Sen. Vin Gopal, D –11th District, plans to introduce a bill barring New Jersey public employee pension funds or annuities from investing in gun manufacturer companies.

Assemblyman Eric Houghtalin, D-11th District, and Assemblywoman Joan Downey, D-11 District, will co-sponsor similar legislation at the assembly’s next quorum.

“We cannot stand by and let gun manufacturers that profit by producing weapons benefit from the investment of our pension funds,” Gopal said in a news release. “With this bill we are sending a message that New Jersey is making a conscious decision about the type of companies the state should invest in.”

The bill also would require the State Investment Council and the director of the Division of Investments to submit an initial report on its prohibited investments and to submit annual reports on its progress towards compliance with the prohibition.

“The pension funds from public employees should not in any way serve to help these firearms companies become richer at the expense of the lives of many innocent people who are being murdered with firearms throughout the country,” Houghtalin said.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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Michael T. Vail February 28, 2018 3:57 pm

Perhaps an investment in Solyndra would have been a suitable alternative for this newly minted Senator. The same Solyndra which is now defunct to the tune of $535,000,000 in taxpayer guaranteed loans. Senator Gopal will gladly vote in the affirmative to legalize marijuana for the SOLE purpose of plugging a budget deficit. We should all be outraged at the abject stupidity on display in Trenton.

Leor February 26, 2018 9:16 am

...The state is pushing Marijuana legislation in order to fund pension funds... Isn’t that double standard??

William S February 23, 2018 9:23 am

As a future pensioner, I am outraged that any successful American business sector would be barred from use. Are our pension funds so flush with cash, that we can insert radical politics into our business/investment strategy.
Should we, the people who put our hard-earned money into the system, not have a vote?

Roger February 22, 2018 3:58 pm

This is not really a good idea. Just because you have a bad view of an industry does not mean everyone shares your views. if the investment is helping those in the fund then they benefit. If the fund was not a good investment then they would not be in the fund in the first place.... so your demogogory is bogus. It’s a shame you use politics to promote you ideology.

Marlboro Mann February 23, 2018 3:39 pm

Just another pandering Democrat toeing the party line. All talk, no real solutions. Jen Beck must be laughing her a** off.

Brian February 22, 2018 3:30 pm

Wait, what? I'm trying to understand the logic behind this.