NYC Comptroller, Global Investors Take A Stand Against Texas Bathroom Bill
NEW YORK (CBSNewYork) -- New York City Comptroller Scott Stringer has teamed up with a group of 40 global investors to fight against a "bathroom bill" under consideration in Texas.
Similar to North Carolina's bathroom law, Texas Senate Bill 6 (or SB6) would force transgender people to use the bathroom that matches the gender on their birth certificates. Supporters say it's about the safety of women and children, while opponents call it discriminatory.
In North Carolina, the reaction to the law was swift and the economic losses cut deep.
Now, some of the world's biggest investors are warning Texas not to go down the same path.
The NFL has already threatened to withhold future Super Bowls over the bill.
Stringer said he and the investors holding $11 trillion, which is about 15 percent of all assets under management worldwide, are coming together to tell Texas that it's "time to stand down."
"These discriminatory policies will hurt businesses, hurt taxes, and quite frankly will cause reputational harm that you can't get back," said Stringer, who controls the city's pension funds. "Putting together $11 trillion in assets is very unusual but the cause is so important, it's a civil rights issue, it's an economic issue, it speaks to the heart of our country."
"When we start to see Washington cease to be a force for good, we need businesses and states and municipal governments to step up," said Matthew Patsky, who runs Trillium Asset Management. "There's clear economic harm in passing discriminatory legislation. This is not a debate."
The group has sent a letter urging Texas Gov. Greg Abbott, Lt. Gov. Dan Patrick, and House Speaker Joe Straus to oppose the legislation.