THE
INDEPENDENT
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N E W S PA P E R
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T HE T UFTS DAILY
VOLUME LXXXIII, ISSUE 44
MEDFORD/SOMERVILLE, MASS.
tuftsdaily.com
Wednesday, April 13, 2022
Tufts unable to divest completely from Russia due to exposure through commingled funds
NATALIE BROWNSELL / THE TUFTS DAILY
The Fletcher School sign is pictured on March 15. by Skyler Goldberg Assistant News Editor
Tufts University Executive Vice President Mike Howard discussed divestment from Russian securities — which currently amount to $5.7 million out of the approximately $2.5 billion in Tufts’ endow-
ment — at a special session of the University Faculty Senate on March 23. Howard said that fully divesting from these securities would be “too risky for the endowment,” but that the university is working with its investment managers, who are seeking to minimize their funds’ exposure to Russian money.
The Faculty Senate convened the special session as part of its response to the Russia-Ukraine war. Other universities around the country, including the University of Michigan and the University of Colorado, have moved to limit or completely exit their investments in Russian securities in the weeks since the war began.
Howard explained the university’s financial relationship with Russia in a written statement to the Daily. “The university endowment has no direct Russian exposure and we do not intend to have any,” Howard wrote. “As of 2/28, 0.2% of the endowment had indirect Russian exposure
through 3rd party managers of commingled funds in which multiple investors hold a share of an investment. However, we have spoken with all of the managers of the commingled investments in question and all are seeking to reduce and/or eliminate their exposure.” During the March 23 meeting, Howard explained that commingled funds, which represent the majority of Tufts’ financial investments, are managed by third-party investment managers. This means that Tufts cannot unilaterally end investment in Russian securities without withdrawing from those funds entirely. Howard said that four of the 80–100 commingled funds in the university’s investment portfolio currently contain Russian securities. Oxana Shevel, a professor of political science who is from Ukraine, expressed concern over the university’s continued financial ties with Russia during the meeting. see RUSSIA, page 2
Congressman Peter DeFazio talks term limits, democracy, youth activism in Solomont Speaker Series event by Emily Thompson Deputy News Editor
U.S. Congressman and Tufts alumnus Peter DeFazio, D-Ore., spoke about his work as the chair of the House Transportation and Infrastructure Committee and his time in Congress with Professor and Chair of the Department of Political Science Deborah Schildkraut as part of the Tisch College Solomont Speaker Series. DeFazio (A’69) has represented Oregon’s 4th Congressional District for 36 years and plans to retire at the end of his current term. Although originally scheduled to speak at Tufts in person, DeFazio joined the event via Zoom from his office because he recently tested positive for the COVID-19 virus. After dropping an intended math major because one of the required classes met on Saturday morning, DeFazio studied political science and economics during his time at Tufts. In an interview with the Daily prior to the event, he described how his time at Tufts, especially the activist culture during the Vietnam War, played a critical role in shaping his understanding of
public service. He added that his athletic pursuits at Tufts helped to prepare him for a career as a politician. “I was a wrestler at Tufts,” DeFazio said. “It’s a one-on-one sport. You’re out there on the mat, and if you screw up, you screwed up. … It really prepared me in a lot of ways for politics; … a lot of stuff is debate, oneon-one. I didn’t take any debating courses, but I think wrestling kind of set me up for that, and I guess I had a natural talent.” Considering the current, highly polarized state of American politics, DeFazio said youth activism is essential to meeting the political demands of our time. “The key, to me, is youth activism,” DeFazio said. “You can’t just get overwhelmed by [politics], and if you can pick out targets that are achievable, get a couple of those down and then start showing a little success, it could multiply.” After an introduction from Tisch College Dean Dayna Cunningham, Schildkraut and DeFazio had a wide-ranging discussion about civic engagement, congressional reform and the future of democracy.
Schildkraut asked DeFazio what advice he would give students who are civically engaged but may feel unsafe taking a public stance on a controversial issue. “If you’re worried about the things that get thrown at you on social media, you’ve just got to … develop thicker skin,” DeFazio said. He emphasized again that critical youth activism is critical to bringing about change. “If you have a real strong cause and you get together with other people, … they’re gonna be there to support you,” he added. Schildkraut also asked DeFazio whether he thought term limits would be a beneficial or harmful reform to Congress. DeFazio responded that 36 years in Congress have provided him with the valuable knowledge of how to operate within dysfunctional bureaucracies and be the best public servant possible. “Term limits would totally empower the permanent government … and then replace good civil servants with [political action committees], and COURTESY WIKIMEDIA COMMONS
see DEFAZIO, page 2
U.S. Representative Peter DeFazio (A’69) is pictured in 2008.
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