Investors Representing $2.1 Trillion in Assets Are The Latest Voices Calling for HB2’s RepealBy Megan Clayton • September 28, 2016 • 10:28 am
Major investors representing $2.1 trillion in collective assets are the latest to add their names to a long list of businesses, advocacy groups and other economic interests opposing North Carolina’s anti-transgender HB 2.
Trillium Asset Management, Croatan Institute and New York City Comptroller Scott Stringer are leading this latest effort, and currently boast 53 signatories to their statement condemning the discriminatory law. Combined, these 53 investors represent $2.1 trillion in managed assets, according to a report from the Washington Post.
In the letter, the investors highlighted their economic concerns as well as their concerns with how the law infringes on individuals’ human rights.
“Not only does this bill invalidate the human rights of individuals across the state, but it also has troubling financial implications for the investment climate in North Carolina. … As long-term investors in companies doing business in North Carolina, we are concerned that HB2 is making it difficult for our portfolio companies to provide the safe, open, and inclusive environment necessary for a successful workplace.”
With this latest addition, the list of individuals and groups opposing HB 2—which in addition to business leaders includes musicians, sports organizations, legal and academic experts and conservative political groups—is “truly unprecedented,” according to Freedom for All Americans’ Executive Director Matt McTighe.
“Each time another constituency speaks out, and each time North Carolina’s economy takes another hit, it becomes that much more difficult for Governor McCrory to try and explain away this law. As long as HB 2 remains on the books, Governor McCrory’s legacy will be one of discrimination and economic destruction.”
The losses associated with HB 2 continue to pile up. Earlier this month the ACC and NCAA pulled championship games from the state because of it, a move that officials in Greensboro expect to cost them more than $16 million in lost revenue. And Charlotte lost out on more than $100 million in anticipated revenue with the relocation of the 2017 NBA All-Star Game.
Meanwhile, the Charlotte Chamber has estimated that HB 2 has cost the region at least $285 million, and the Greater Raleigh Convention and Visitors Bureau says it has cost their region more than $40 million—a result of the fact that companies including PayPal and Deutsche Bank have canceled planned expansions in the state.