Portantino Backs Bill to Stop State Pension Investments in Companies Selling Assault Weapons Banned in California

Published : Thursday, May 10, 2018 | 7:26 PM

Pasadena area state Senator Anthony J. Portantino on Wednesday joined California Treasurer John Chiang in announcing SB 426, which seeks to cut off state pension investments in companies that sell assault weapons that are banned in California.

The bill has already garnered several co-authors including, Assemblymembers Eloise Reyes and Mike Gipson, according to a press release from Portanino’s office.

SB 459 will require CalPERS and CalSTRS, the nation’s two largest pension funds, to use a three-step process that should convince national retailers to stop selling the weapons in question by July 1, 2019. If persuasion is unsuccessful, both funds are directed to adopt a policy to divest from that company no later than July 1, 2021.

“While Washington continues to be unable to pass prudent gun legislation it is imperative that California continues to step up,” said Portantino. “Young people across America are demanding that legislators respond to the crisis of gun violence on campuses. As a dad and a legislator I am determined to build on their leadership and help California act appropriately.”

As of April 2, Federal Bureau of Investigation data has shown there were 57 mass shootings in the United States, with seven out of 10 mass shootings occurring at schools and businesses. In many mass shootings, the weapon of choice is a military-style assault rifle. California citizens and elected representatives have already banned the sale or possession of these firearms and deemed them a public health threat.

An announcement from Portantino’s office said he has a long record of supporting sensible gun control. He successfully authored legislation to end the open carry of firearms and currently has a bill, SB 1100 to raise the purchase age from 18 to 21 and to limit the purchase of all firearms to one gun per month in California.




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