I’d think that getting government out of private business would be a good thing, over the long-term. You cannot influence companies that you don’t own a part of.
The mayors are wrong on principle - the “investments” concerned are the investments made on behalf of government employees into their pension plans, to which the government has a fifuciary responsibility as a moral responsility to keep their own politics out the investment decisions of what is really their employees funds in the form of deferred compensation.
Really, does it matter if liberal cities refuse to invest in gun companies? Gun makers are profitable and they will remain a good investment for other people and organizations.
Just great. So Detroit and Cleveland can go broke EVEN FASTER once they have to pay a multi-million dollar judgment to a gun manufacturer.
If the investment managers comply, they will be violating theri fiduciary responsibilities, and should be sued by taxpayers and municipal employees and retirees.