Climate Hawks Vote calls upon Gil Cisneros, Democratic candidate for Congress in California’s 39th District, to divest from fossil fuel interests funding his campaign and to disclose which, if any, oil stocks from which he’s divested.
Climate Hawks Vote has analyzed the financial disclosure statement filed by Cisneros with the House of Representatives as of October 31, 2017. That statement shows 64 separate assets — holdings and unearned income — with the oil and gas industry. The value of assets ranges from $560,006 to $1,430,000. The dividends and capital gains range from $37,614 to $123,300. The assets include 25 stock options known as “puts,” 20 of which expired before Cisneros pledged not to take money from the oil industry and 5 of which expired on or after the date he made that pledge. The analysis can be found here.
RL Miller of Climate Hawks Vote states: “Our analysis shows that Cisneros is simply yet another multi-millionaire whose investments make him conflicted, at best. His history of investments in the oil industry is not in line with California Democratic values. Because Cisneros is largely self-funding his campaign, we regard dividends from Exxon and Halliburton to be direct contributions from Exxon and Halliburton to his campaign.”
On November 17, 2017 — 15 days after signing the disclosure statement — Cisneros pledged not to take contributions from the oil industry, and instead prioritize Californians’ public health over oil industry profits. He has not provided proof that he divested from oil industry stocks between October 31 and November 17.
Climate Hawks Vote has endorsed Sam Jammal, a clean energy executive — but not a multi-millionaire — in the 39th district. The seat, currently held by outgoing Rep. Ed Royce, is a Clinton-Republican district.