RENO, Nev. – Nevada plans to ditch its investments in companies that manufacture or sell assault weapons, Treasurer Zach Conine announced on Thursday after the latest string of mass shootings in the U.S.
Conine, a first-term Democrat up for re-election in November, said his office was evaluating all current assets and would work to divest tens of millions of dollars from the companies in “the most fiscally prudent manner possible.”
“As Nevada’s chief investment officer, I have a responsibility to ensure Nevada’s tax dollars are invested with minimal exposure to risk,” Conine added in a statement. “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 move will affect less than 1% of the $49 billion investment portfolio managed by Conine’s office. It comes just days after 19 children and two teachers were slaughtered at an elementary school in Uvalde, Texas.
Conine said assault weapon-related assets would not be sold at a loss and would not negatively impact the Silver State’s portfolio.
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The divestment policy, which took immediate effect in the Treasurer’s office, will go up for a vote at an upcoming state Board of Finance meeting.
If approved, Nevada would be the fourth state to do so in the U.S., joining Connecticut, Rhode Island and New York City among jurisdictions that have recently cut financial ties with assault weapon manufacturers. Conine also called on other states, asset managers and financial institutions to do the same.
James DeHaven is the politics reporter for the Reno Gazette Journal.