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Cities Urge Public Pension Funds to Divest From Gun Makers

Fresh from persuading a $5 billion pension fund in Chicago to divest from companies that make firearms, the city’s mayor, Rahm Emanuel, on Thursday urged the chief executives of two major banks to stop financing companies “that profit from gun violence.” Mr. Emanuel sent letters to TD Bank, which provides a $60 million credit line to Smith & Wesson, and to Bank of America, which provides a $25 million line to Sturm, Ruger & Company, asking the C.E.O.’s to push the companies to “find common ground with the vast majority of Americans who support a military weapons and ammunition ban.” [Business & Human Rights Resource Centre invited TD Bank and Bank of America to respond. Both declined]

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