Nevada treasurer to divest from companies that manufacture, sell assault weapons

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Published: Jun. 2, 2022 at 9:17 AM MST
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LAS VEGAS, Nev. (FOX5) - The Nevada State Treasurer announced his office will divest from companies that manufacture or sell assault-style weapons, effective immediately.

Treasurer Zach Conine said the action comes after 19 children and two teachers were killed in a classroom mass shooting in Uvalde, Texas last week.

“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,” Treasurer Zach Conine said in a statement. “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.”

Nevada joins other jurisdictions like Connecticut, New York City and Rhode Island to divest in these types of companies. Treasurer Conine said he is also calling on all other states, asset managers and financial institutions to to also divest “as soon as possible.”

The Treasurer’s Office said it will make sure that all potential divestments will not be sold at a loss and will not have a negative financial impact to the State’s investment portfolio. The new policies will be presented for formal adoption at upcoming State Board of Finance and Board of Trustees of the College Savings Plan for Nevada meetings.