He stated, “As Nevada’s chief investment officer, I have a responsibility to ensure Nevada’s tax dollars are invested with minimal exposure to risk. Companies that profit on the manufacture and sale of assault-style weapons present a market risk I’m not willing to take. Investments are fundamentally a plan for the future, and it's time Nevada started investing in a better future where our children aren't slaughtered in classrooms.”
The Treasurer’s Office manages an investment portfolio of over $49 billion, of which $89 million of that is invested in portfolio's that include firearm manufacturers. These are spread across five different investment funds:
• Nevada’s General Portfolio - $7.2 billion
• The Local Government Investment Pool - $2.4 billion
• The Permanent School Fund - $527.45 million
• Nevada Higher Education Prepaid Tuition Trust - $405.15 million
• Nevada’s College Savings Plans - $38.8 billion
The policy will be acted on immediately internally and for the Permanent School Fund while others will be presented for formal adoption at upcoming meetings for the State Board of Finance and Board of Trustees of the College Savings Plan for Nevada.
They will make sure that all potential divestments will not be sold at a loss and will ensure there won’t be a negative financial impact to the State’s investment portfolio.
It was not immediately clear which firearm manufacturers this will affect and if any of them are Nevada-based. We have reached out to several of the Nevada-based manufacturers for comment and will update this story as we receive any responses or comments.
Nevada would join Connecticut, Rhode Island and New York City in choosing to divest from firearm companies and Conine urged other state Treasurers as well as other investors and financial institutions to follow suit.
It should also be noted that this an internal policy and not a law and can be easily reversed should a pro-gun candidate such as Michele Fiore be elected to replace Conine this Fall.
You can see the video statement from Nevada State Treasurer Zach Conine below.