Rep. Mastrofrancesco, Conservative Caucus Blasts Treasurer Wooden for Breach of his Fiduciary Responsibility

Posted on December 5, 2019


The Conservative Caucus today came out strongly against plans by the Connecticut State Treasurer to revamp the state’s investment policy regarding companies connected to the civilian firearms industry. 

In a Tuesday press conference, Treasurer Shawn Wooden said he intended to reallocate millions of dollars’ worth of state investments away from companies with ties to the firearms industry, ban future investments of state funds with firearms-related companies, and use the power of his office to pressure banks and financial institutions to implement his personal social policies regarding legal firearms manufacturing and sales.        

“Our State Treasurer is improperly targeting a legal, responsible, home-grown industry and branding it as inherently evil regardless of any given company’s history or performance on the state’s balance sheet,” Rep. Gale Mastrofrancesco (R-80) said. “It is not the State Treasurer’s job to make public firearms policy, especially policy that vilifies an entire industry born and nurtured in our own state. It’s ironic that the Treasurer of the very state credited with creating the modern firearms industry, and powering positive industrial innovation worldwide, is now trying to destroy that very industry for personal political reasons that have little to do with sound financial investment.” 

Surrounded by anti-gun activists, Treasurer Wooden repeatedly referenced his longing for social change including his personal desire for more restrictive gun control measures as the reason for his actions. Worse yet, Wooden announced he would, in effect, use the power of his office to compel banks to follow his personal political beliefs at the risk of losing the ability to do business with the state, noting that Citibank and Rice Financial were selected as senior bankers for Connecticut’s next $890 million general obligation bond sale partially because their firearms policies comport with Wooden’s own policy position. 

“The Treasurer has a fiduciary responsibility to the people of Connecticut to find the best investments and earn the most return on our investments, not to intimidate companies to benefit his personal policy beliefs,” Rep. David T. Wilson (R-66) said. “Congressional Democrats are in the midst of impeaching the President for far less. The Treasurer should maximize the state’s investments and leave crafting public policy to the legislature.” 

The Connecticut General Assembly Conservative Caucus is a group of legislators dedicated to the principles of limited government, economic freedom and individual liberty, fostering open debate about the role of government in society, adherence to the Constitution, and the rule of law. They propose and advocate for legislation that promotes the freedoms, individual rights and prosperity of all Americans.