Prohibits investment by State of pension and annuity funds in companies manufacturing, importing, and selling assault firearms for civilian use.
Impact
If enacted, A1752 would necessitate the divestment of any existing investments in companies associated with assault firearms, providing a three-year timeframe for the Division of Investment to adjust its portfolios accordingly. The bill does allow for exceptions, permitting investments in companies that exclusively supply firearms to military and law enforcement agencies. This creates a clear distinction in acceptable business practices, reinforcing the state's commitment to limit civilian access to assault firearms while still recognizing the role of law enforcement.
Summary
Assembly Bill A1752 aims to prohibit the State of New Jersey from investing pension and annuity funds in companies that manufacture, import, or sell assault firearms for civilian use. The legislation defines 'assault firearms' as per the existing law under N.J.S.A.2C:39-1. The intent behind this bill is to align the state's investment practices with its public safety priorities, particularly firearms regulation. By restricting investments in such companies, the state seeks to reduce financial support for the civilian arms industry, which has been a point of contention in ongoing discussions about gun control in the state.
Contention
The bill is anticipated to face significant debate in the legislature, as it touches upon the broader issues of gun control and economic implications for the state’s financial investments. Proponents argue that it reflects a moral obligation to not support industries linked to violence, while opponents may view it as an overreach that could potentially impact job creation and economic growth linked to firearms manufacturing. The discussions surrounding this bill are likely to evoke strong sentiments from both advocates for gun control and those who believe in Second Amendment rights.
Same As
Prohibits investment by State of pension and annuity funds in companies manufacturing, importing, and selling assault firearms for civilian use.
Prohibits investment by State of pension and annuity funds in, and requires divestment from, companies involved in production or maintenance of nuclear weapons.
Prohibits investment by State of pension and annuity funds in companies engaging in government contracts or business operations infringing on data privacy of individuals for purpose of determining immigration status.
Prohibits investment by State of pension and annuity funds in companies engaging in government contracts or business operations infringing on data privacy of individuals for purpose of determining immigration status.