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San José council rejects broad divestment push, directs staff to refine investment policy
Summary
After hours of public comment on a proposed ethical-investment memo from Councilmembers Ortiz and Kamei, the City Council voted down the Ortiz/Kamei measure and instead adopted a staff-recommended update with direction to return with further analysis and guidance.
SAN JOSÉ — The San José City Council on Wednesday rejected a proposal to broaden municipal disinvestment from companies with ties to immigration enforcement and instead approved a staff-recommended update to the city’s investment policy, directing city staff to return with more detailed analysis of options and fiscal impacts.
The dispute centered on a memorandum drafted by Councilmembers Peter Ortiz and Rosemary Kamei that would have prohibited new city investments in firms the memo linked, directly or indirectly, to U.S. Immigration and Customs Enforcement (ICE), such as Alphabet, Microsoft and Amazon. Dozens of public commenters filled the council chamber — many urging action on ethical investment, while others warned that divestment would worsen a city budget shortfall.
“Hoy tenemos la oportunidad de hacer historia una vez más,” Councilmember Peter Ortiz said, describing the memo as a way for San José to “defend our immigrant community” without immediately selling existing holdings. “No estamos…
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