Coalition of 41 Investors Call on U.S. Companies to Oppose President Trump’s Actions on Immigration
February 2, 2018
NYS Comptroller Thomas P. DiNapoli & NYC Comptroller Scott M. Stringer
Lead Charge Against the President's Executive Orders and Proclamation
Led by New York State Comptroller Thomas P. DiNapoli and New York City Comptroller Scott M. Stringer, a coalition of 41 investors today urged U.S. companies to oppose President Trump’s repeated actions on immigration, which risk negative repercussions to our nation’s economy.
“We’re calling on American companies to embrace inclusive immigration policies and stand against President Trump’s divisive actions that risk damaging our nation’s economy,” DiNapoli said. “Many of the corporations in which we invest depend on immigrants who provide an important hiring pool of talented workers. The President’s actions pose a threat to our economy. They not only limit the talent pool for hiring, but demonize the very people who help build our nation.”
“We’re a nation of immigrants – and an economy of immigrants,” Stringer said. “Our financial future as a city and a country hinges on being inclusive. With President Trump trying to take us backwards, we’re calling on companies to stand up for America’s future by rejecting the hateful – and economically damaging – policies coming out of the White House.”
The coalition of investors, financial advisors, and public labor unions said the President’s actions would damage the economy by limiting the talent pool from which businesses can hire. It urges that actions to strengthen border screening procedures, if necessary, be undertaken in a thoughtful and deliberative manner, consistent with American law and constitutional principles.
Immigrants constitute 16% of the labor force, are more likely to be working, and own their own businesses at a slightly higher rate than U.S. workers overall, according to the statement. Forty-one percent (41%) of Fortune 500 companies were founded by immigrants or the children of immigrants, and leaders of many prominent U.S. companies have been born outside the country, including Google, Pepsi, Coca-Cola, Microsoft, IBM, and Adobe.
As the statement notes, the President’s Executive Orders and Proclamation run counter to America’s economic interests, and ignores the fact that “America’s leading companies are working hard to foster inclusion and respect for diversity, and strong empirical evidence suggests that those that excel in this area reap strong financial rewards for their shareholders.”
To read the full text of the statement and the list of signatories, visit http://osc.state.ny.us/press/releases/feb18/immigration-statement.pdf.