California Democrats have made no secret of their distaste for President Donald Trump since he was elected last November. Now they are pushing their political resistance into the financial realm with a proposal to pull all public investments from companies involved in the construction of his wall along the Mexican border.
Assembly Bill 946 would give CalPERS and CalSTRS, the state’s massive public employee and teacher retirement systems, one year to identify and liquidate any holdings in companies working on the wall, a central campaign promise of Trump’s for which his administration is now accepting bids.
“Californians build bridges not walls,” Assemblyman Phil Ting, a San Francisco Democrat and one of the bill’s authors, said in a statement. “This is a wall of shame, and we don’t want any part of it. Immigrant stories are the history of America, and this is a nightmare.”
With portfolios worth hundreds of billions of dollars, CalPERS and CalSTRS are frequent targets for groups seeking to make a powerful political statement by pressuring the funds into cutting ties with a particular industry. Recent years have brought debates over whether California should be invested in tobacco, coal, guns and the Dakota Access Pipeline.