Backed With $11 Trillion In Assets, Global Investors Warn Texas Not To Pass 'Bathroom Bill'

AUSTIN, TX — A group of global investors — backed with a collective portfolio of $11 trillion in assets — added their voices on Tuesday in opposing a pending "bathroom bill" championed by conservative lawmakers aimed at banning transgender individuals from using public restrooms matching their sexual identities.

The investors sent a letter on Tuesday voicing their disapproval of the efforts to Gov. Greg Abbott, who has voiced support of the bill that is being heavily promoted by Lt. Gov. Dan Patrick. They join a growing list of critics of the bill that includes state business interests, artists, professional sports teams and celebrities opposing SB 6, the bill that aims to control bathroom use.

“Bills that deliberately limit the human rights of LGBT people are not only unjustified and unfair, but may have troubling financial implications for the business and investment climate in states, including in Texas,” the letter addressed to Abbott, Patrick and House Speaker Joe Straus reads in part. “Equality, diversity and inclusiveness are fundamental elements of a successful workplace, community, and capital markets system.”

The letter was authored by New York City Comptroller Scott Stringer and Matthew Patsky, chief executive of Trillium Asset Management, and signed by 38 other managers who have made long-term investments in companies doing business in Texas.

The letter, like similar petitions signed by artists and sports teams suggesting they would not perform in Texas should the bill pass, is also a thinly veiled threat. And if the adage is true that money talks, this latest threat speaks volumes given the letter signers' $11 trillion at stake.

“We are concerned that any form of legislation that allows or facilitates discrimination against LGBT people may make it difficult for our portfolio companies to attract and retain top talent to work in their Texas-based operations,” the letter said.

While it's unclear how the Texas "bathroom bill" would be enforced in the millions of public restrooms found throughout the country, the effort would require people to use bathrooms that match the gender listed on their birth certificates rather than the sex with which they identify.

“We seek a predictable, stable business climate in Texas where our portfolio companies can thrive," investors wrote, amplifying on their inferred threat of ceasing doing business in the state should SB 6 pass. "However, SB6 directly undermines the strong business-minded environment in your state.”

Like others decrying the move, the investors call for the tactics of inclusion rather than division in Texas legislative machinations: "We, the undersigned investors representing over $11 trillion in collective assets undermanagement, are writing to you out of our strong belief that equality, diversity, and inclusiveness are fundamental elements of a successful workplace, community, and capital markets system.Therefore, we are closely monitoring legislation introduced in states across the country,including in Texas, that would result in discrimination against lesbian, gay, bisexual, and transgender (LGBT) people."

The missive follows similar calls for reversal by celebrities, the NBA and NFL. The latter groups have suggested they would not stage special games in the state should the bill pass. The Texas Association of Business was ahead of the curve in opposing SB 6, staging a press conference decrying the bathroom bill and warning of potential losses in revenue to the tune of up to $8.5 billion a year in lost business should it pass — an estimate TAB officials calculated by studying the effects similar bills have had elsewhere.

To read the investors' full letter, click here. Read past stories by Patch on this issue below:

Texas Thrusts Itself In Lead Role Opposing Transgender People's Bathroom Use

Nationwide Opposition Swells Against Texas 'Bathroom Bill' Targeting Transgender People

Texas Lawmakers Consider Bill Limiting Transgender Individuals' Use Of Public Bathrooms [UPDATED]

Lt. Gov. Dan Patrick Embraces Report He Says Discredits Bathroom Bill-Induced Negative Economic Impact

Business Group Warns Texas Lawmakers Of $8.5B Loss If They Pass Anti-Transgender Rules [Video]

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