Temporary Protected Status
As investors, we believe that just and equitable immigration policies are critical to a stable and prosperous business environment, and will promote sustainable communities. We urge Congress to allow TPS holders to remain in the country and pursue a path to naturalization. An investor letter was sent to Congressional leaders on Monday, February 12th urging an extension of TPS status as both a moral and business imperative. Below is an excerpt from the letter:
The undersigned 113 institutional investors, representing half a trillion dollars in assets under management, write to urge you to take actions to reinstate Temporary Protected Status (TPS) for El Salvador, Haiti, and Nicaragua for another 18 months, and to extend TPS for Syria, Nepal, Honduras, and the remaining countries for at least another 18 months. We are investors and fiduciaries who recognize the critical need for comprehensive and just immigration reform to safeguard the well-being of our immigrant population that helps drive U.S. economic growth and long-term business prosperity. Ultimately, we strongly support a permanent, legislative solution for all TPS holders.
Passing a permanent, legislative solution that protects all TPS holders from deportation and family separation is both a moral and a business imperative for Congress. There are approximately 195,000 Salvadorans, 50,000 Haitians, and 2,550 Nicaraguans who are current beneficiaries of TPS status. In addition, there are 5,800 Syrian, 8,950 Nepali, and 57,000 Honduran TPS holders in the United States today. Of the total 10 countries with current TPS designations, approximately 330,000 people (or, adults and children) benefit from TPS. More than one-half of El Salvadoran and Honduran, and 16 percent of the Haitian TPS beneficiaries have resided in the United States for 20 years or more.
As institutional investors, we are concerned that the failure to reinstate and extend TPS designations for all populations while working on a more permanent solution will negatively affect the businesses we invest in.
Deferred Action for Childhood Arrivals (DACA)
The consequences of rescinding DACA without a more permanent replacement would be severe for 800,000 young immigrants and for our national economy. The Dream Act is too critical to wait—and too important to be tied to any other debate. In a letter sent on November 16th, 2017, investors wrote to Congress in support of a “clean” version of Dream Act that is not tied to other immigration-related proposals. Below is an excerpt from the letter:
As investors, we are concerned that the failure to pass a “clean” Dream Act will be detrimental to the businesses we invest in, as well as the larger business environment. At least 72% of the top 25 Fortune 500 companies employ DACA recipients. If DACA recipients permanently lose their legal status, the businesses in which we invest will lose qualified, trained workers and face billions of dollars in turnover costs. Many of these companies have spoken out strongly in support of their employees who are DACA recipients and in favor of the Dream Act.
Letter from 48 National Faith Organizations, Supporting an Immediate Solution for Dreamers (Feburary 2018)
Joint Letter on Immigration from Faith-Based Leaders (January 2018)
Financial Officers' Joint Statement on Immigration
Investor Letter to CEOs Serving on Trumps Strategic & Policy Forum
Joint Investor Statement on Travel & Immigration
Investors Statement Calling for Comprehensive Immigration Reform