Readout of White House Convening with Owners of $1 Trillion in Worker’s Capital to Promote Strong Labor Standards
Today, National Economic Advisor Lael Brainard and Acting Secretary of Labor Julie Su convened asset owners representing over $1 trillion in public and pension fund capital who have committed to strong labor standards in their private equity investments. The White House also launched an initiative to promote strong labor commitments among funds, assets managers, and companies. A survey is live for investors and companies to share their commitments to strong labor principles.
President Biden made it clear that he is leading the most pro-labor and pro-union Administration in history. The White House is demonstrating it will use all of its tools to promote the free and fair choice to join a union. Capital providers are making commitments as well. These commitments from asset owners are an important step toward ensuring workers’ capital helps grow our economy from the bottom up and the middle out.
State government, public, and labor union pension funds are the savings of hardworking Americans and their economic security in retirement. The Biden-Harris Administration believes that it is critical that their funds, as they maximize risk-adjusted financial returns, emphasize the interests and goals of workers. Fund managers recognize this as well, which is why five key funds with over $1 trillion in assets have convened today in support of labor principles in their private equity investments. These principles include guaranteeing the free and fair choice to join a union, freedom of association and the recognition of the rights to collectively bargain, equal opportunity, a safe and healthy workplace, and the elimination of forced and compulsory labor, including child labor.
Additionally, to the extent in line with their fiduciary duty, funds will encourage their portfolio companies to remain neutral when workers seek to exercise the freedom to join together in a union; and when applicable, enter into neutrality agreements with labor organizations that include voluntary or card-check recognition, reasonable timelines to first contract, and a commitment to non-interference in union organizing. These funds are taking a public stance that workers’ rights are foundational to a healthy economy, and affirm the President’s commitment to worker empowerment and worker organizing.
Participants:
- Lael Brainard, National Economic Advisor
- Stephen Benjamin, Senior Advisor to the President and Director of the Office of Public Engagement
- Julie Su, Acting Secretary of Labor
- Elizabeth Schuler, President, AFL-CIO
- Sean McGarvey, President, North America’s Building Trades Unions
- Randi Weingarten, President, American Federation of Teachers
- Rebecca Pringle, President, National Education Association
- Ed Kelly, President, International Association of Fire Fighters
- Thomas DiNapoli, New York State Comptroller
- Brad Lander, New York City Comptroller
- Theresa Taylor, President, CalPERS Board of Administration
- Michael Frerichs, Illinois State Treasurer
- Kevin McCormack, Executive Director, National Electrical Benefit Fund Investments
- Adam Blumenthal, Managing Partner and Chairman, Blue Wolf Capital Partners
- Andrea Kramer, Chief Operating Officer and Chief Risk Officer, Hamilton Lane
- Stephen McCourt, Co-CEO and Managing Principal, Meketa Investment Group
- Cassandra Robertson, Special Assistant to the President for Labor Policy
- Vaishant Sharma, Senior Policy Advisor, National Economic Council
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