New Responsible Gun Policy ends state investments in civilian firearm manufacturing companies; requires banks doing business with the Treasurer’s office to disclose gun policies
Giffords expert participates in Capitol Hill roundtable discussing the new policy
December 4, 2019 — Joining Connecticut Treasurer Shawn Wooden at a roundtable at the U.S. Capitol, Giffords, the gun violence prevention organization led by former Representative Gabrielle Giffords, applauded Connecticut Treasurer Shawn Wooden for announcing the Responsible Gun Policy, which ensures that the state’s investments are free of civilian firearms securities. It also asks banks looking to do business with Connecticut to disclose their gun safety policies. The Office of the Treasurer will weigh these policies when awarding contracts.
“For the Connecticut families, businesses, and communities impacted by shootings, gun violence is a crisis that can’t be ignored,” said Robin Lloyd, managing director at Giffords. “Ending this epidemic requires leaders who can encourage the corporate sector to recognize their responsibilities and embrace the role they can play in helping to bring about change. Treasurer Shawn Wooden’s initiative addresses these needs by making sure that the companies Connecticut invests in and the financial institutions it does business with are taking steps to keep Connecticut residents safe. We applaud Treasurer Wooden for his leadership, and look forward to working with him as he moves forward with the innovative Responsible Gun Policy.”
“As Connecticut’s Congressional leaders and advocates from Connecticut and across the country continue the fight to advance common-sense gun safety measures in Washington, the Connecticut Treasury is changing the way we do business to be part of the solutions in reducing gun violence,” said Connecticut State Treasurer Shawn T. Wooden. “We know money talks and money motivates, so we want our policy to speak loud and clear—the status quo must change.”
Robin Lloyd participated in a roundtable today on Capitol Hill hosted by Connecticut Congresswoman Rosa DeLauro (CT-3) to discuss the strength of the Treasurer’s plan to address gun safety. The Responsible Gun Policy includes three components: divestments, disclosure, and decision-making.
- Divestment: Connecticut will relocate the $30.6 million invested in civilian firearm manufacturers securities to other assets that will provide a more stable, long-term value to Connecticut’s pension fund investment program.
- Disclosure: Treasure Wooden has asked banks about their civil firearm industry business relationships and requested information on their gun policies. Banks wishing to partner with the Treasurer’s office will be asked for their gun policies in future Requests for Proposals.
- Decision-Making: When selecting financial business in Connecticut, Treasure Wooden will consider, among other factors, the entity’s gun policies.
According to a Giffords Law Center report, the Economic Cost of Gun Violence in Connecticut, local businesses are severely impacted when gun violence occurs, as shootings keep customers and tourists away and often limit hours of operation. On average, shootings in Connecticut each year result in directly measurable costs of over $430 million annually. Even more striking, when indirect costs that impact families and communities are factored in, the overall estimate of the economic cost of gun violence rises to $1.2 billion per year.
Much of this tab is picked up by the public. Up to 85% of gunshot victims, for example, are either uninsured or on some form of publicly funded insurance. Additionally, law enforcement efforts are funded entirely by taxpayer dollars. As a result, the direct annual cost of gun violence to Connecticut taxpayers is approximately $273 million.