I just learned that Barbara Bush died, which, given her age, was not unexpected. She had asked not to have any additional medical treatments. Earlier today, I wrote my reflections on my encounter with her many years ago.

As most people agree, she was an elegant and forthright lady, in the old sense of the word “lady.”

I have a Barbara Bush memory to share.

I was Assistant Secretary of Education for the Office of Education Research and Improvement during the George H.W. Bush administration. One day, I got a call from Secretary Lamar Alexander’s Office, asking me if I was available to fly to Houston with Mrs. Bush and fill in for her at an event where she was supposed to speak. Yes, I was.

I was told that a car would pick me up early the next morning and take me to Andrews Air Force Base in Maryland, where her plane was based. I packed a bag and was ready to go the next day. There, I boarded Air Force 2, Mrs. Bush’s plane. Minutes later, Mrs. Bush arrived with her press secretary. It was not a large plane. The three of us sat at a table and talked for the duration of the flight.

When I am with a stranger of eminence, like Mrs. Bush, I tend to fall into a pattern of interviewing them. So, I spent the 3-4 hours interviewing Mrs. Bush. What stuck in my mind were her answers to my questions about Nancy Reagan. “Oh, poor Nancy,” she said, exaggerating her sympathy for a woman she didn’t seem to like.

She was sharp-tongued, candid, and no-nonsense.

When we landed in Houston, a limousine pulled up at the foot of the stairs and whisked us to a junior high school, where she was expected. A big billbillboard with plastic letters boldly proclaimed, “Welcome, Mrs. Bush,” and a mariachi band played as she walked in, with me tagging along. I recall that many students (largely Hispanic) lined the path to the door, eager to get a glimpse of her. As she walked down the line, the students held out their hands, and she slapped each of them.

We went from class to class, on a pre-arranged tour. Then we sat in a classroom with teachers and students. One of them asked her what she carried in her handbag. She dumped out the contents on the table, and there was nothing out of the ordinary.

After the school visit, she went back to her plane to meet the President at a special event at the Grand Ole Opry in Nashville, and I filled in for her at (I think) the annual dinner of Communities in Schools. They must have been very disappointed, having me as a fill-in for the First Lady.

Some years later, I was visiting my family in Houston, and they offered to show me the home where George and Barbara Bush lived. As we passed by, I saw her outside, and I jumped out to say hello. I can’t say for certain that she remembered me, although she said she did.

We had something in common that we didn’t discuss. She lost a beloved daughter to leukemia at the age of 3. I lost a beloved son to the same dreadful disease when he was two. The pain of that loss never goes away. At the time, medical science offered no hope. Things have changed, and now most of these babies survive. Too late for our children. But I am sure that she was as grateful as I that this scourge is no longer a death sentence.

A good woman. R.I.P.

Released today:

AFT Report Calls for Investor Action to Hold Gun Manufacturers Accountable
for Risks to Society

WASHINGTON—To help confront the United States’ gun violence epidemic, the AFT today released a special edition of its “Ranking Asset Managers” report, which creates a watch list of investment managers that invest millions of dollars in companies that make assault weapons. Since the shootings at Columbine High School in Colorado, 200 students have been killed in school and 187,000 students have been affected by school shootings. The report offers information for pension fund trustees, and it calls on asset managers to evaluate risks associated with investing in gun manufacturers and to engage in meaningful action, such as adopting policies that mitigate the safety risks assault weapons pose.

“We have a gun violence epidemic in our country, and our children and their teachers are caught in the crosshairs of this public health emergency,” said AFT President Randi Weingarten. “Educators, parents and students need safe and welcoming schools, and educators have a right to assume their deferred wages are not being invested in the companies that make the military-style assault weapons used to injure and kill them and their students in countless school shootings.”

Weingarten added, “When companies produce a dangerous product that creates a national public health and safety crisis, that company becomes a high-risk investment and people have the right to know. This report is about exposing that risk and providing pension trustees and investment managers with the tools they need to demand meaningful action.”

The report highlights actions several pension funds have taken to reduce their risk exposure. It also calls on all investors to “use their power to compel those gun manufacturers to take meaningful action to address these risks.” Most importantly, it creates a list of specific steps pension funds and financial institutions can take to mitigate their risks, including signing a gun safety code of conduct and limiting—or putting stricter stipulations on—their relationships with gun manufacturers. The report identifies Amalgamated Bank, Citigroup, Bank of America and several states’ public pension systems as institutions that have all taken steps toward this goal, and it names other financial institutions and public pension systems that have not yet acted in response to the gun violence epidemic.

One of those states identified as having failed to act is Florida, where the public employee retirement system invests in all three publicly traded gun-makers, including American Outdoor Brands, which made the weapon used at Marjory Stoneman Douglas High School to take the lives of 17 Floridians. Yet Florida teachers and other public employees have no seat at the table to help assess the risk presented by investing in gun manufacturers. Their only option is to appeal directly to Gov. Rick Scott. On the other hand, in many states, notably California and New York, pension fund trustees representing teachers and school staff have pushed their pension funds to engage with gun manufacturers on meaningful change, evaluate risk or divest from them entirely. The report urges trustees to continue to consider those options.

As Jay C. Rehak, president of the Chicago Teachers’ Pension Fund Board of Trustees and chair of the AFT Pension Trustees Council, explained, “Teacher trustees face a painful dichotomy between the classroom and the boardroom. We’re on the front line in schools and face the daily reality that gun-related deaths are the third-leading cause of death for the kids in our classrooms. It would be tempting to base investment strategy on that emotional connection, but we don’t have that luxury. We’re fiduciaries, and we have to speak to our investment managers in language they understand. As cold or difficult as that sounds, that’s what we do. A pension fund weighs and balances investment risk, and the bottom line is that investing in weapons manufacturers involves intolerable reputational, regulatory and statutory risks. That’s why we divested from assault weapons manufacturers in 2013, and it’s why we continue to ask our managers tough questions and hold our fund managers accountable for following this policy.”

After outreach from the AFT, four investment managers with more than $8.3 trillion in assets under management informed us of their intent to engage with gun manufacturers regarding their concerns, including Fidelity, Vanguard, Dimensional Fund Advisors, and Voya.

“Whether investors welcome it or not, society’s expectations are shifting,” Weingarten said. “The action we’ve seen from investors in public and private pension funds, as well as large institutional investors, is a start, because we all have a role to play in protecting our country from gun violence. We can no longer allow the NRA to prevent us from taking the same actions we take with cars, food, medication and other products to ensure safety. If the car industry were allowed to behave the same way we allow the NRA to behave, we’d be driving around without seatbelts, airbags or speed limits. And while we respect the Second Amendment, rights come with responsibility. I doubt the founders, in an era of muskets, could fathom the kind of assault weapons being produced and sold on the streets today.”

The AFT has a long history of demanding transparency from the investment community, as the vast majority of its 1.7 million members participate in defined benefit pension plans, whose assets exceed $3 trillion.

The full report is available here and is being sent to trustees today.