From: Jennifer Rakowski
To: City Clerk; Manager Manager; Tony Daysog; Trish Spencer; Marilyn Ezzy Ashcraft; Malia Vella; Tracy Jensen Subject: [EXTERNAL] 7-B
Date: Tuesday, July 2, 2024 7:47:07 PM
Dear City Council,
Please consider the following social responsibility investment policy guidelines.
City funds should be guided by the following socially responsible investment goals.
Community Investments
Investments are encouraged in entities that support community well-being through safe and environmentally sound practices and fair labor practices.
Investments are encouraged in entities that support equality of rights regardless of sex, race, age, disability or sexual orientation.
Investments are encouraged in entities that offer banking products to serve all members of the local community.
Investments are encouraged in entities that promote community economic development including climate resiliancy.
Investments are encouraged in entities that have a demonstrated involvement in the development or rehabilitation of low income affordable housing.
Securities investments are encouraged in financial institutions that have a Community Reinvestment Act (CRA) rating of either Satisfactory or Outstanding, as well as financial institutions that are designated as a Community Development Financial Institution (CDFI) by the United States Treasury Department, or otherwise demonstrate commitment to community economic development.
Social and Environmental Concerns
Investments are discouraged in entities that manufacture firearms, or nuclear weapons or other military style equipment.
Restrict further investments in carbon emitting industries, in addition to coal, such as oil and gas.
Investments are discouraged in entities that finance high-cost check-cashing, deferred deposit (payday-lending) businesses private prisons and immigration detention centers.
Investments are discouraged in private prisions and immigration detention centers.
Respectfully,
Jennifer Rakowski