Investors Call for Just and Comprehensive Immigration Reform to Foster Economic Stability and Growth
NEW YORK, NY, THURSDAY, MARCH 20, 2025 – A group of nearly 100 institutional investors issued a statement today in support of comprehensive immigration reform they view as critical to creating business certainty, operational continuity, economic expansion, and a more cohesive and just society. The statement includes a series of recommended actions for Congress, Companies, and Investors to help achieve this goal.
The statement was issued in response to recent executive orders that are already resulting in an increase in raids by U.S. Immigration and Customs Enforcement (ICE) and the deportations and detentions of people and families without documentation. These political actions are creating heightened anxiety and unpredictability that investors say are already impacting the markets.
Said New York City Comptroller Brad Lander, “Immigrants are an integral part of the rich and diverse tapestry that is America, and have contributed significantly to the workforce, and cultural and entrepreneurial spirit that defines this nation. Congress should act now, without delay, to pass the comprehensive and just immigration reform legislation needed to maintain a competitive edge in the global economy and ensure growth and sustainability across industries and sectors.”
Citing a recent report from the American Immigration Council1, the statement underscores how mass deportations by the new administration, if executed, could result in a nearly 5% reduction in the labor force that would cripple future labor force growth, disrupt business operations, and significantly increase labor costs for all employers, now and for years to come.
“Immigrants help power our economy, and they are threaded throughout the workforces of nearly every sector and company either directly or via their supply chains,” said Lauren Compere of Boston Common Asset Management. “In 2023, immigrants were about 18.6% of US employment, concentrated in agriculture, construction, and healthcare but also higher-skilled sectors. If mass deportations occur, we can expect labor shortages to grow, along with the prices of the goods and services they help to provide. These are considered strong risks for investors. In contrast, comprehensive immigration reform will help, not harm, U.S. businesses and the economy.”
The investor statement further notes that “… removing this critical workforce through mass deportations would result in a GDP loss between 1.2 and 7.4 percent below baseline by the end of 2028, slowing down the U.S. economy and restricting the growth potentials of many American businesses. Moreover, a one-time mass deportation is conservatively estimated to cost the U.S. government $315 billion to execute.”2
Said Rocio Saenz, Secretary-Treasurer of the Service Employees International Union (SEIU), “Immigrant workers contribute significantly to all sectors of the U.S. economy. They are the essential field workers who harvest our food, the janitors who maintain our buildings, the doctors and nurses who provide care when we’re sick, and the home care workers who assist our aging loved ones and those with disabilities. Removing these workers from our communities and workplaces would devastate entire families and have a negative impact on our local and state economies. We urge policymakers at all levels of government to stand in solidarity with immigrants, oppose the mass separation of American families, and work towards establishing legal pathways to citizenship to keep families together.”
Said Katie McCloskey of Mercy Investment Services, “Potential mass deportations pose significant and material human rights risks that concern investors, particularly faith-based investors. The Sisters of Mercy work for just and humane immigration laws, and as the financial ministry of the Sisters of Mercy, Mercy Investment Services recognizes that these actions not only reverence the dignity of each person but strengthen our economy and the companies in which we invest.”
The statement and signatories are available at this link.
CONTACT:
Susana McDermott
Director of Communications
Interfaith Center on Corporate Responsibility (ICCR)
201-417-9060 (mobile)
smcdermott@iccr.org
About the Interfaith Center on Corporate Responsibility (ICCR)
The Interfaith Center on Corporate Responsibility (ICCR) is a broad coalition of more than 300 institutional investors collectively representing over $4 trillion in invested capital. ICCR members, a cross-section of faith-based investors, asset managers, pension funds, foundations, and other long-term institutional investors, have over 50 years of experience engaging with companies on environmental, social, and governance (“ESG”) issues that are critical to long-term value creation. ICCR members engage hundreds of corporations annually in an effort to foster greater corporate accountability. Visit our website www.iccr.org and follow us on LinkedIn, Bsky and X.
