It’s time for New York City pension funds to divest from nuclear weapon producing companies!
New York City Council Introduces Legislation Calling for Divestment
City Council Member Daniel Dromm introduced a package of legislation on nuclear weapons — both a resolution (Res. No. 976) and a law (Int. No. 1621).
Once passed, these bills would:
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- Call for NYC to divest public employee pension funds from companies involved in nuclear weapons production and maintenance;
- Reaffirm NYC as a Nuclear Weapons Free Zone;
- Establish a New York City Nuclear Disarmament and Nuclear Weapons Free Zone Advisory Committee to examine issues related to nuclear disarmament and New York City’s nuclear-weapons-free zone status, issue reports, conduct programs, host public meetings and other educational initiatives, and make recommendations for policy and legislation in collaboration with the Mayor’s Office over a five-year period; and
- Endorse the ICAN City Appeal on behalf of NYC.
The bills were introduced by City Council Member Daniel Dromm and co-sponsored by Council Members Ben Kallos and Helen Rosenthal.
Want to help?
You can see the legislation and who has signed by checking these links: Res. No. 976 and Int. No. 1621. Use this link to find your council member and encourage them to co-sponsor.
It’s time for NYC pensions to get out of the nuclear weapons business.
Nuclear weapons are the worst weapon ever created- designed to annihilate entire cities with the push of a button.
The hard earned retirement of New York City’s finest teachers, firefighters, police and other city employees shouldn’t be dependent on weapons of mass destruction. The pension funds of NYC are invested by Citigroup. In the last 3 years, Citigroup invested US$16.5 billion in 14 companies that produce nuclear weapons. NYC must adopt a public policy that prevents its asset managers including Citigroup from investing NYC funds into these companies. Just as New York has made changes to its pension funds to divest from fossil fuels in a move to protect our environment and address climate change, it’s time for NYC municipal pensions to divest from the bomb!
Nuclear weapons were outlawed in the Treaty on the Prohibition of Nuclear Weapons- an international treaty, a treaty negotiated right here at the United Nations in NYC.
Hard working New Yorkers deserve to understand where their money is being invested, and the city needs to stop profiting from doomsday machines that can be activated by accident or designated to detonate.
New York City has a long history of resisting nuclear weapons. Join us as we call on Comptroller Stringer, to remind our contracted asset managers not to invest against our values. We need to demand that they Don’t Bank on the Bomb.
[iconbox title=”NYC teachers are among the best and can educate their students about the reality of nuclear war and encourage them to take action for disarmament.” icon=”Megaphone.png”] More info. [/iconbox]
Update: New York City Nuclear Weapons Divestment team has follow-up meeting with the Office of the Comptroller.
On Friday, April 26, Susi Snyder of PAX/Don’t Bank on the Bomb; Seth Shelden, United Nations Liaison of the International Campaign to Abolish Nuclear Weapons (ICAN); Robert Croonquist of Youth Arts New York/Hibakusha Stories; and Matthew Bolton, Director of the International Disarmament Institute, Pace University had a follow-up meeting with the New York City Office of the Comptroller.
Seth Shelden reported on status of the the Treaty on the Prohibition of Nuclear Weapons (TPNW) and its progress toward entering into force. Robert Croonquist reported that two representatives of the New York divestment team were honored at Irish Heritage events in March – Kathleen Sullivan was honored by the New York City Council and Brendan Fay by the Office of the Comptroller. At both March events, Sullivan and Fay informed attendees of the 2018 letter signed by a majority of New York City Council Members to Comptroller Scott Stringer asking that New York City divest its “pension funds and finances from banks, financial institutions, and corporations that profit from nuclear weapons production”.
Susi Snyder of the Don’t Bank on the Bomb team noted that a quick scan indicates that New York City’s pensions at present likely have limited exposure to the companies involved in the production of nuclear weapons and Matthew Bolton reported that government pensions in countries not parties to the Treaty on the Prohibition of Nuclear Weapons, such as the Norwegian global pension fund, have initiated divestment and can help provide a roadmap for New York City.
The meeting was thoughtful and congenial. There was a shared sense of dismay at recent backtracking away from nuclear weapon related international agreements on the part of some, and an increased urgency to engage broadly with a variety of stakeholders in order to reduce nuclear risks and end the threat of nuclear weapons.
Tell your friends!
Every second of every day, nuclear weapons threaten everyone we love and everything we hold dear. There are no excuses for profiting from Armageddon.
New York City banking on the bomb? Fuggedaboutit!
