Chicago Teachers’ Pension Fund to divest from companies that run immigration detention centers
The fund's board voted unanimously Thursday to unwind about
Rehak said the move is a response, in part, to the Trump administration's "zero tolerance" immigration policy, which took effect in May and resulted in the separation of more than 2,000 children from their parents at the Mexican border. President
"You have these detention centers ripping children away from their parents for profit," Rehak said Monday. "To make money on human misery, that's not really what
The decision to divest follows a report earlier this month from the
Beyond humanitarian concerns, the report cites "legitimate risks" for public pension funds invested in private prison companies that may be vulnerable to political changes.
"Private prison operators are now officially on notice,"
Using the report, the
"
"Our company has never managed facilities that house unaccompanied minors, including those who have been separated from their parents, nor have we ever provided any other services for that purpose,"
The pension fund issued the order to sell its shares of both prison companies Friday and expects to be closed out of the positions by Wednesday.
In
The
"Our union members serve tens of thousands of immigrant students in our schools, and we're committed to taking any and all steps to protect their families from disruption or repression," Sharkey said.
It is the not the first time the pension fund has taken action to divest from companies in the wake of broader issues affecting students and the community.
For example, in 2013, fund trustees voted to sell all investments in companies that make assault weapons sold to the public in response to the shooting massacre at
As a large institutional investor, Rehak said the pension fund has an obligation not just to profits, but to socially responsible causes. He said reallocating funds over such controversial issues has nonetheless proved to be fiscally sound in the past.
Rehak, who teaches English at
"As teachers, we'd much rather invest our money in better things," Rehak said. "We'd rather build bridges than prisons."
An earlier version of this story did not include comment from
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