New York City pension funds are divesting private prison stocks
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New York City’s pension funds announced they’re selling $48 million in stocks and bonds invested in three private prison companies. It’s the first group to publicly divest from that industry, and cited recent reports of inmate deaths, as well as concerns of overcrowding and understaffing. Private prisons are expected to grow under President Trump. That’s due to his plans to detain and deport more people living in the U.S. without legal immigration status, and due to Attorney General Jeff Sessions repealing an Obama-era memo urging the Department of Justice to reduce use of private prisons.
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