ICCR letter to U.S.Congress urging support of Dream Act 2017

November 16, 2017

Dear <Member of the U.S. Congress>:

The undersigned 112 institutional investors, representing hundreds of billions of dollars in assets under management, write to urge you to support the bipartisan Dream Act of 2017 (H.R. 3440, S.1615)1. 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, and to drive U.S. economic growth and long-term business prosperity. We strongly support a “clean” version of Dream Act that is not tied to other immigration-related proposals.

Since 2012, roughly 800,000 young immigrants who were brought to the United States as children have been granted legal status under the Deferred Action for Childhood Arrivals (DACA) program. The Administration’s decision to end DACA, unless Congress acts to extend or replace the program by March 5, 2018, means that DACA recipients' work permits will expire at a rate of around 1,000 per day, breaking families apart and leaving these young people at risk of losing their jobs and educational opportunities, and vulnerable to deportation.2

Because DACA recipients are well integrated into families, communities, schools, and workplaces throughout the country, the economic and societal effects of ending DACA, without the permanent solution that the Dream Act would provide, will be widespread and significant.

It is both a moral and a business imperative for Congress to pass the Dream Act. If Congress fails to act, hundreds of thousands of students, employees, and servicemen and women will lose their legal documentation, schooling and jobs. Dreamers were brought to this country as children. In most cases this is the only country they’ve ever known. Failure to protect DACA recipients will hurt our communities, our economy and our military, and is contradictory to our values.

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.3 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.4 Many of these companies have spoken out strongly in support of their employees who are DACA recipients and in favor of the Dream Act.5

The substantial contributions that DACA recipients have made to the broader economy would be at risk if they were to lose status. For example, the hourly wage of DACA recipients has increased by an average of 42%, dramatically increasing their purchasing power to buy homes, cars and other goods and services, thus driving economic growth and increasing tax revenue.6 The end of DACA could result in the loss of as much as $460.3 billion from the US national GDP over the next decade, would reduce tax revenue by $60
billion, and would remove an estimated 685,000 workers from the American economy.7

As investors, we believe that just immigration policies are critical to a stable and prosperous long-term business environment, and, quite simply, the right thing to do. 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. We call on Congress to quickly bring this clean bill to a vote and pass the Dream Act of 2017 as a moral
and fiscal imperative.

Interfaith Center on Corporate Responsibility

3Sisters Sustainable Management
Adrian Dominican Sisters, Portfolio Advisory
American Baptist Home Mission Society
As You Sow
Bon Secours Health System, Inc.
Boston Common Asset Management
Brothers of Holy Cross
Catholic Health Initiatives
COGIC Urban Initiatives
Conference for Corporate Responsibility Indiana
and Michigan
Congregation of Holy Cross, Moreau Province
Congregation of Sisters of St. Agnes
Congregation of St. Joseph
Congregation of the Sisters of Charity of the
Incarnate Word, Houston
Dana Investment Advisors
Daughters of Charity, Province of St. Louise
Dignity Health
Domini Impact Investments
Dominican Sisters of Grand Rapids
Dominican Sisters of Hope
Dominican Sisters of Peace
Dominican Sisters of Sparkill
Dominicans of San Rafael
Falcons Rock Investment Counsel, LLC
Felician Sisters
Franciscan Sisters of Allegany NY
Franciscan Sisters of Perpetual Adoration (FSPA)
Friends Fiduciary
Grey Nuns of the Sacred Heart
Hansen's Advisory Services
IHM Sisters - Justice, Peace and Sustainability
Impact Investors
Capuchin Franciscan Province of Saint Joseph,
Justice, Peace and Integrity of Creation
Leadership Team of the Felician Sisters of North
Marist Fathers
Maryknoll Fathers and Brothers
Maryknoll Sisters
Maryland Province of the Society of Jesus
Mercy Health
Mercy Investment Services, Inc.
Midwest Coalition for Responsible Investment
Miller/Howard Investments, Inc.
Missionary Society of St. Columban
Natural Investments
New York State Common Retirement Fund
NorthStar Asset Management, Inc.
Northwest Coalition for Responsible Investment
Oneida Nation - Trust Enrollment
Oregon State Treasury
Priests of the Sacred Heart, U.S. Province
Province of St. John the Baptist
Province of St. Mary of the Capuchin Order
Regenerative Investment Strategies, LLC
Region VI Coalition for Responsible Investment
Religious of the Sacred Heart of Mary
Responsible Sourcing Network
School Sisters of Notre Dame
School Sisters of Notre Dame - Central Pacific
School Sisters of Notre Dame Cooperative
Investment Fund
School Sisters of St. Francis
SEIU Master Trust
Seventh Generation Interfaith Inc.
SharePower Responsible Investing, Inc.
Sisters of Bon Secours USA
Sisters of Charity of Cincinnati
Sisters of Charity of Leavenworth
Sisters of Charity of Nazareth
Sisters of Charity of Nazareth Congregational
Sisters of Charity of Nazareth Western Province
Sisters of Charity of NY
Sisters of Charity of the Blessed Virgin Mary
Sisters of Charity, Halifax
Sisters of Loretto
Sisters of Providence - MJP
Sisters of Saint Francis, Rochester, MN
Sisters of Saint Joseph of Chestnut Hill,
Philadelphia, PA
Sisters of St. Dominic of Amityville
Sisters of St. Joseph Brentwood NY
Sisters of St. Dominic of Blauvelt, New York
Sisters of St. Dominic of Caldwell, NJ
Sisters of St. Dominic/Racine Dominicans
Sisters of St. Francis
Sisters of St. Francis Charitable Trust
Sisters of St. Francis of Philadelphia
Sisters of St. Joseph of Orange
Sisters of St. Joseph of Springfield
Sisters of the Good Shepherd
Sisters of the Holy Cross
Sisters of the Humility of Mary
Sisters of the Precious Blood
Sisters of the Presentation of the BVM
Social Justice Committee, UU Congregation at
Shelter Rock
Socially Responsible Investment Coalition
Society of the Holy Child Jesus-American
SRI Investing LLC
St. Norbert Abbey
Stance Capital, LLC
State of Rhode Island
The Sustainability Group of Loring, Wolcott &
Trillium Asset Management
Tri-State Coalition for Responsible Investment
T'ruah: The Rabbinic Call for Human Rights
U.S Missionary Oblates of Mary Immaculate
Unitarian Universalist Association
Ursuline Sisters of Tildonk, US Province
USA Northeast Province of the Society of Jesus
Veris Wealth Partners
Walden Asset Management/Boston Trust
Xaverian Brothers
Zevin Asset Management
1 https://www.congress.gov/bill/115th-congress/house-bill/3440 and https://www.congress.gov/bill/115th-congress/senate-bill/1615
2 http://www.cnn.com/2017/09/09/politics/daca-phase-out-numbers/index.html
3 https://www.americanprogress.org/issues/immigration/news/2017/08/28/437956/daca-recipients-economic-educational-gains-continue-grow/
4 http://www.businessinsider.com/if-daca-is-rescinded-what-happens-to-workers-employers-2017-9
5 https://dreamers.fwd.us/business-leaders?utm_source=twitter&utm_medium=social&utm_campaign=protect-dreamers&utm_term=&utm_content=
6 https://www.americanprogress.org/issues/immigration/news/2015/07/09/117054/results-from-a-nationwidesurvey-
7 https://www.americanprogress.org/issues/immigration/news/2017/08/28/437956/daca-recipients-economiceducational-
gains-continue-grow/ and https://www.cato.org/blog/economic-fiscal-impact-repealing-daca