Moms and women oversee nearly 80 percent of household spending; Moms Demand Action is going to make sure they spend and invest those dollars at businesses and institutions that respect and support the safety of our children and families. By divesting from companies that profit from sales of assault weapons and high-capacity magazines, these companies are making an investment in the safety of American children.
–Shannon Watts
Moms Demand Action for Gun Sense In America
By Bill de Blasio, Public Advocate for the City of New York
Investment firms that bought up gun stocks after Newtown divest after Public Advocate brings public pressure to bear
Six months after launching a national divestment campaign against manufacturers of assault weapons and high-capacity ammo clips, Public Advocate Bill de Blasio announced eight hedge funds and money managers have completely divested their gun holdings, valued at $150 million. Fourteen more firms have scaled back their gun investments by 7.4 million shares—27 percent of their holdings.
In the aftermath of the shootings in Newtown, Connecticut many of these financial firms initially expanded their gun holdings. But through an online hub at WallStreetforChange.com and public protests, de Blasio mobilized pressure against investments that sustained the gun industry’s status quo and helped fuel the National Rifle Association’s efforts to stall gun control legislation.
“We weren’t going to let business-as-usual stand after Newtown. We put investors who were quietly propping up the gun lobby on notice, and we’ve proven that public pressure can be a game-changer,” said Public Advocate Bill de Blasio. “This is by no means over. The NRA used its money and political influence to distort the debate in Washington. We need to break its stranglehold on the legislative process by continuing to bring pressure on its biggest financial backers.
