Led by New York State Comptroller Thomas P. DiNapoli and New York City Comptroller Scott M. Stringer, a coalition of 41 investors has urged American companies to oppose President Donald Trump’s repeated actions on immigration, which, according to them, risk negative repercussions for the U.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,” a statement released by DiNapoli’s office said on February 2. “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 hinge on being inclusive. With President Trump trying to take us backward, 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 President Trump’s actions would damage the economy by limiting the talent pool from which businesses can hire. It urged that administration’s actions 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.
The statement notes that the President’s Executive Orders and Proclamations 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.”
“The United States of America has always been a nation of immigrants and has always opened its doors to those fleeing religious and political persecution,” it said, adding that America’s leading companies are working hard to foster inclusion and respect for diversity.
It said strong empirical evidence suggested that those that excel in this area reap financial rewards for their shareholders. These companies are uniquely positioned to provide the work environments and public spaces where millions of people spend their daily lives free from fear. “Cooler heads must prevail before more damage is done to the values that hold our communities and our economy together. With the ultimate outcome of the President’s Executive Orders and Proclamation uncertain, we call upon all companies to recognize the benefits of diversity to their companies and to petition our government to restore reasoned, well-regulated travel and immigration procedures.”
The statement has been signed by leaders of companies, including among others by 3Sisters Sustainable Management LLC, Bonwood Social Investments, Natural Investments, Nia Global Solutions, Christopher Reynolds Foundation, Wallace Global Fund, Swift Foundation, etc.