DATE CREATED: January 9, 2024
LAST ACTION DATE: 01/09/2024
LAST AMENDMENT DATE: 12/28/2023
PROGRESS: In Committee
BILL ID: S1115
CATEGORIES: Government Affairs
REGION: NJ
This bill prohibits the State of New Jersey from investing any assets of any pension or annuity fund under the management of the Division of Investment in the Department of the Treasury in companies that manufacture, import, or sell assault firearms for civilian use. The bill exempts from the ban investments in companies that manufacture, import or sell assault firearms for the exclusive use by nations' official military organizations and law enforcement agencies. As for existing investments that are held in violation of the prohibition, the Division of Investment has up to three years to divest from the prohibited companies. The bill's definition of assault firearms is identical to the definition of the term under the existing New Jersey ban on the sale of assault firearms under N.J.S.A.2C:39-1.
SESSION: 2024-2025 Regular Session
VERSIONS: 1
LAST ACTION: Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee
ACTIONS: 1
SPONSORS: John McKeon (D)*
KEYWORDS: Official Military Organizations, Sell Assault Firearms, Selling Assault Firearms, Employees Involved Therewith, Eliminate Investments Pursuant, Assault Firearms, Assault Firearm, Ban Investments, Existing Investments, Investments Divested
POWERED BY
