Investors with $1.6 trillion in assets push Congress to back paid leave
Reuters
Published Sep 28, 2021 01:51PM ET
Updated Sep 28, 2021 04:42PM ET
By Jessica DiNapoli
NEW YORK (Reuters) - Investors with assets worth over $1.6 trillion urged Congress on Tuesday to pass a federal paid family and medical leave policy as part of President Joe Biden's $3.5 trillion spending plan, according to a letter viewed by Reuters.
The more than 100 investors, which include public pension funds, state treasurers and asset managers, said a paid leave policy would help to improve the U.S. economy and make the companies in which they hold shares perform better.
"It’s an economic security issue," said Wisconsin State Treasurer Sarah Godlewski. "We have seen through the pandemic that the U.S. not having this policy has taken women, for example, out of the workforce.
"That's why we as treasurers and institutional investors are coming to the table, because we saw how it impacted communities and investments."
Trillium Asset Management, a green investing pioneer, and the Interfaith Center on Corporate Responsibility, organized the letter, which was sent to leaders in Congress including U.S. House of Representatives Speaker Nancy Pelosi and U.S. Senate Majority Leader Chuck Schumer.
"We believe paid leave is a crucial piece of fostering an economy where everyone can prosper," said Kate Monahan, Trillium's director of shareholder advocacy.
Lawmakers have been trying to avert a government shutdown, and agree on a tax and social spending package. Some leading Democrats have said the $3.5 trillion price tag of the social spending package is too high.
The investor letter says the policy should include leave for new parents, for people who need to care for an ill family member and to address one's own serious sickness.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.