"Every few years, politicians come up with the notion of using public pension funds to make political statements. The most recent incarnation is the effort to divest public pension and retirement plans from companies that make firearms.... Such responses have a powerful emotional appeal in the wake of the Newtown murders. And on a gut level, they might seem to make sense. But there are strong arguments not to use public pension plans to accomplish public policy goals. Divestiture will have no impact on the targeted companies and will create risks for already vulnerable plans.... Adding a new criterion to the investment decision may increase the likelihood of mistakes."

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