Right as the State Assembly was passing the new gun control legislation, NY SAFE, Comptroller Tom DiNapoli announced that he has frozen all state pension fund investments into commercial firearm manufacturers.

“The New York State Common Retirement Fund will not buy stock in companies whose primary business is manufacturing firearms for commercial sale,” DiNapoli said. “After the terrible events in Newtown, it is clear that the national movement toward greater regulation of firearms manufacturers will impose significant reputational, regulatory and statutory hurdles that may affect shareholder value. As the fiduciary of the Fund, it is my obligation to protect and grow Fund assets and we will continue to monitor the economic and regulatory environment before taking any additional steps.”

DiNapoli says the move only impacts one company – Sturm, Ruger and Company – whose investments equal about $2 million. According to a press release, DiNapoli says the state Pension Fund does not hold stock in any other company whose primary source is gun manufacturing.

DiNapoli notes that all stock in Smith and Wesson Holding Corporation were sold by an outside manager in their entirety on December 18, 2012.

Last month, after the tragic shooting in Newtown, CT, DiNapoli said he was reviewing all the pension funds investments into gun makers.

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