WASHINGTON--(BUSINESS WIRE)--The United States Hispanic Chamber of Commerce (USHCC) applauds the Business Roundtable (BRT), led by AT&T Chairman and CEO Randall Stephenson, for recently releasing a comprehensive study on the numerous economic benefits of immigration reform. Through a collection of economic analyses and personal anecdotes from nine immigrant business leaders, BRT’s study titled, “Contributing to American Growth: The Economic Case for Immigration Reform,” presents a strong appeal for fixing our nation’s broken immigration system.
“As the nation's leading advocate for over 3.2 million Hispanic-owned businesses and 221 major U.S. corporations, the USHCC strongly urges Congress to set aside political posturing, embrace the economic imperative of comprehensive immigration reform, and pass long overdue legislation now,” said USHCC President & CEO Javier Palomarez. “This week’s Business Roundtable report provides a clear ultimatum to Washington lawmakers: either recognize the commercial benefits of a comprehensive bill, or jeopardize our nation’s competitive advantage. Our association applauds Mr. Stephenson for courageously championing this issue; his voice has resonated clearly within the private sector and Congress would do well to listen carefully.”
The BRT study presents compelling economic projections from leading non-profit organizations, including:
- The Bipartisan Policy Center estimates that reform would increase GDP by 4.8 percent over 20 years and decrease federal deficits by $1.2 trillion;
- The Partnership for a New American Economy estimates that immigrants or their children founded 40 percent of Fortune 500 companies; and
- The Partnership for a New American Economy estimates that immigrants are nearly 50 percent more likely to start a business and help grow their local economies.
Mr. Palomarez warned of the electoral consequences Congress could face for its intransigence: “The opportunities abound, but the window is closing. If Congress fails to act this summer, rest assured that the Hispanic community will hold those responsible accountable come Election Day.”
Headquartered in Washington, the USHCC has been at the forefront of the immigration discussion, leading a coalition of business associations and urging Congress to recognize the economic imperative of passing a comprehensive bill. In a bipartisan effort, the USHCC recently co-published a report with the George W. Bush Institute called "Growth and Immigration: A Handbook of Vital Immigration and Economic Growth Statistics." The report was issued to each member of Congress, along with letters of support signed by leading business executives admonishing their representatives from failing to act on immigration.
“Our study with the George W. Bush Institute shows that passing immigration reform would shrink the national deficit, help resolve our social security concerns, and grow the economy by an additional 4 percent every year,” said USHCC Chairman Marc Rodriguez. “Major US brands such as AT&T, Cargill, Coca-Cola, Facebook, and McDonalds recognize the surge in economic growth, innovation, and job creation that a comprehensive bill would unleash. It’s time to do the right thing and put immigration reform to a vote this year.”
About USHCC
Founded in 1979, the USHCC actively promotes the economic growth and development of our nation's entrepreneurs. The USHCC advocates on behalf of nearly 3.2 million Hispanic-owned businesses, that together contribute in excess of $468 billion to the American economy, each year. As the leading organization of its kind, the USHCC serves as an umbrella to more than 200 local chambers and business associations across the nation, and partners with more than 220 major corporations.
