The business backlash against North Carolina’s discriminatory HB 2 is ballooning, with investors now joining CEOs and major corporations in opposition to the law.
Fifty three major investors representing more than $2.1 trillion in collective assets just signed a public letter calling for repeal of anti-transgender HB 2. The letter highlighted the investors’ concerns about how the law is hurting the state’s economic outlook and outlined their general commitment to promoting non-discrimination.
The letter reads, in part:
“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.”
This is the latest blow in a long line of heavy hits to North Carolina’s economy since the legislature hastily passed HB 2 this spring. 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. The Charlotte Chamber of Commerce estimates that HB 2 has cost the region at least $285 million in investment.
The continued drain on North Carolina’s economy caused by HB 2 serves as a daily reminder of the turmoil Georgia avoided when Governor Deal vetoed HB 757, a discriminatory religious exemptions bill. Now, the Georgia Prospers business coalition has issued a renewed call for companies to sign their pledge in commitment to “treating everyone with fairness and equality and promoting inclusion and a welcoming atmosphere, because it’s the right thing to do, and it’s good for business.”
The coalition, founded by Brian Robinson (Gov. Nathan Deal’s former press secretary), and former Senate Majority Leader Ronnie Chance (R-Tyrone), hope to grow their numbers to the thousands in the coming months.SHARE THIS STORY