Friend Fiduciary joined with 111 other institutional investors with hundreds of billions of dollars in assets under management to voice the business case for comprehensive immigration reform. The Deferred Action for Childhood Arrivals (DACA) program will end on March 5, 2018, and we believe finding a permanent, standalone solution is in the best interest of our society and our economy.
As referenced in the letter, many companies have been outspoken advocates for a permanent Dream Act, and “at least 72% of the top 25 Fortune 500 companies employ DACA recipients.” Losing those workers would mean “billions of dollars in turnover costs” for those companies—and less return on investment for their shareholders. It also means 685,000 fewer qualified workers who since receiving legal status have increased their purchasing power by 42%, “driving economic growth and increasing tax revenue.” Over the next ten years, the US national GDP could lose as much as $460.3 billion if DACA is not replaced.
While this issue has become highly politicized, the business case is quite clear. We believe it’s the right thing to do, not only for those hundreds of thousands of young people contributing to society that would be hurt but for the health of our economy.
Read the letter here.