Global Investors Representing $11 Trillion in Assets Speak Out against TX’s SB 6By Adam Polaski • February 21, 2017 • 12:11 pm
A group of more than 30 global investors representing $11 trillion in assets today announced their opposition to SB 6, the discriminatory legislation in Texas that mirrors North Carolina’s HB 2 law and bans transgender people from restrooms in government facilities, public schools and public universities.
The group is led by Trillium Asset Management and the New York City Comptroller’s Office. Major signers include AllianceBernstein, Breckenridge Capitol Advisors, BlackRock, John Hancock Investments, Cornerstone Capital Group, NorthStar Asset Management, State Street Global Advisors and T. Rowe Price Associates. Last fall, a similar group of investors – representing more than $2 trillion in assets – spoke out against North Carolina’s HB 2 law. That law has cost the state nearly a billion dollars in lost economic investment to date.
Matt McTighe, Executive Director of Freedom for All Americans, said today:
“It’s irresponsible for Texas lawmakers, like Lieutenant Governor Dan Patrick, to continue blithely dismissing the red flags so many major businesses and investors are raising over SB 6 and other discriminatory bills. This latest warning is coming from a group of global investors who have a stake in the success of Texas’ economy. They have a vested interested in heading-off any tumultuous events that may roil Texas’ economic development and workforce – and they’re extremely concerned that SB 6 and other anti-LGBT bills present an imminent threat to the state’s well-being. HB 2 is still costing North Carolina jobs and missed investments by the day – Texas has an opportunity right now to avoid a similar debacle.”
In the letter released today, the global investors note: “As investors in companies that employ hundreds of thousands of people across your state, we (as well as our respective beneficiaries and investors) want Texas to continue to thrive as a successful business environment and to be a financial leader in our country. However, discriminatory legislation that undermines these opportunities may hinder public and private investment, as well as the ability to raise capital, throughout your state.”
There is overwhelming business opposition to SB 6. Freedom for All Americans is working with our partners at both Keep Texas Open for Business and Texas Competes to stop discriminatory bills from advancing in the Lone Star State.Members of the Keep Texas Open for Business coalition include Apple, Celanese, Dow Chemical, IBM, Intel, Salesforce and SXSW. And more than 1,200 businesses big and small have signed the Texas Competes pledge so far, affirming their support for a Texas that remains economically competitive and vibrant.