HARTFORD, Conn. (AP) — Connecticut’s state Treasurer Shawn Wooden is proposing a plan to reallocate $30 million worth of shares in civilian firearm manufacturer securities.
The Democrat’s plan, being unveiled Tuesday, will ban similar, future investments of state pension funds, and create incentives for banks and financial institutions to enact gun-related policies. The plan was first provided to The Associated Press.
If ultimately approved by an advisory board, it will mark the first time Connecticut has taken the step of divesting shares in firearm related-companies since the deadly 2012 school shooting in Newtown.
Wooden says he believes divestment should be a “tool of last resort” but past attempts to influence the companies’ practices haven’t stopped the nation’s gun violence problem.
He also says divestment is needed to protect the pension funds from risk.