Share to Facebook Share to Twitter Bookmark and Share
Record #: R2021-1305   
Type: Resolution Status: Introduced
Intro date: 11/17/2021 Current Controlling Legislative Body: Committee on Health and Human Relations
Final action:
Title: Call for assessment of city holdings, sale of existing investments in weapons manufacturers, and adoption of socially responsible investment policy prohibiting future investments in weapons producing companies
Sponsors: Ramirez-Rosa, Carlos, Vasquez, Jr., Andre, La Spata, Daniel , Hadden, Maria E. , Taylor, Jeanette B. , Rodriguez Sanchez, Rossana , Rodriguez, Michael D., Sigcho-Lopez, Byron, Martin, Matthew J.
Topic: CITY COUNCIL - Miscellaneous, - CITY DEPARTMENTS/AGENCIES - City Treasurer
Attachments: 1. R2021-1305.pdf
Committee on Health and Human Relations
City Council November 17, 2021

RESOLUTION

WHEREAS, Chicago is currently investing taxpayer dollars in the War Machine through its pension funds, which are invested in weapons manufacturers and war profiteers. The Chicago Teachers Pension Fund (CTPF) owns $138,236,150 worth of shares in Lockheed Martin, $281,320,958 in Raytheon, and $1,840,000,000 in Boeing. Similarly, the Municipal Employees' Annuity & Benefit Fund (MEABF) is managed by groups that hold direct investments in weapons manufacturers, including but not limited to Segall Bryant & Hamill, Parametric, Neuberger Berman, JPMorgan, and Acadian. These investments prop up violence and militarism both at home and abroad, a direct contradiction to what should be the City's primary role of protecting the health and well-being of its residents; and

WHEREAS, the War Machine is the massive, global U.S.-based military apparatus that prioritizes corporate interests over human rights, military spending over diplomacy and aid, preparing for combat over preventing wars, and profit over human life and the health of the planet; and

WHEREAS, in 2018, the U.S. spent $777 billion+ on foreign and domestic militarism, which is 55% of the federal discretionary budget. Over $300 billion of those dollars went directly into the pockets of private military contractors who literally make a killing on killing. American taxpayers have spent so much subsidizing private military contractors, the Pentagon has sent over $5 billion worth of "surplus" military-grade weaponry to local police forces around the country since the 1990s. The militarization of police perpetuates violence on our streets and results in the disproportionate targeting of communities of color; and

WHEREAS, U.S. private military contractors supply deadly weapons to numerous brutal dictatorships and conflicts around the world, including supplying weapons to Saudi Arabia's horrific war on the people of Yemen; and

WHEREAS, feder...

Click here for full text