Senator Portantino’s SB 459, Will Stop Pension Investments in Sellers of Prohibited Assault Weapons in California
Sacramento, California- Today, Senator Anthony J. Portantino, D-La Canada Flintridge, 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. SB 459 is sponsored by the Treasurer and has already garnered several co-authors including Assemblymember Eloise Reyes and Assemblymember Mike Gipson.
SB 459 requires CalPERS and CalSTRS, the nation’s two largest pension funds, to utilize a three-step process to leverage retailers to stop selling California-banned weapons by July 1, 2019. If persuasion is unsuccessful the committees 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. 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,” commented Senator Portantino.
As of April 2, 2018, there were 57 mass shootings in the United States and according to FBI data, seven out of ten mass shootings occur at schools and businesses. In many mass shootings, the weapon of choice is a military-style assault rifle, such as the AR-15. California citizens and elected representatives have already banned the sale or possession of these unlawful firearms and deemed them a public health threat.
Senator Portantino 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.