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Should NY stop investing in gun manufacturers?

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Albany/HV: Should NY stop investing in gun manufacturers?
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New York State became the first state in the nation to pass stricter gun laws since the Webster and Newtown shootings, before President Obama's proposal. Now that the ground work has been laid down, there are questions as to whether the state should stop investing in companies that manufacture guns. YNN's Zack Fink has more.

NEW YORK STATE -- New York State did it first. With calls across the nation for stricter gun control following the Newtown school shooting, New York had its bill signed into law before even President Barack Obama outlined his own plan.

What was the hurry? Governor Andrew Cuomo said New York wanted to avoid people rushing to stores and buying up guns, although that happened anyway.

Cuomo, who held another bill signing ceremony in Rochester on Wednesday, dismissed criticism that the bill was rammed through the legislature.

"To the extent that you have people saying it was rushed, under a message of necessity, people tend to say that when they disagree with outcome of the bill," the governor said on Tuesday.

The State Senate held its vote late Monday, shortly after the 78 page bill was printed, without any debate.

The State Assembly did allow several hours of debate Tuesday, but the process was still hasty enough that the law needs to be updated with chapter amendments.

"Well, there is no question that there are corrections that will have to be made, things that will need to be made clearer, but this bill is fine," Assembly Speaker Sheldon Silver said.

For example, the bill which limits assault weapons and high capacity magazines needs to make an exception for law enforcement.

Now that New York State has taken a strong stand on guns, some are asking if New York should divest from companies that manufacture guns.

Comptroller Tom DiNapoli, who manages the state pension fund, said on Monday, "Guns are always a moral issue. The challenge we have in managing the pension fund is that we have a fiduciary responsibility to look out for the interest of the fund."

Shortly after DiNapoli made those remarks, his office announced that it was freezing all future direct investments in gun companies.

"That's up to the comptroller's office. I don't have an opinion. It's up to the comptroller," Cuomo told reporters.

New York State has already divested from Iran, the Sudan and companies that make tobacco products.

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