Bloomberg Announces Growing Immigration Reform Partnership

Partnership for New York City Enlists CEOs of Dozens of Leading Companies to Join Effort for Sensible National Immigration Reform to Help Spur Economy

Business Leaders From Dozens of Companies Join Reform Effort, Including JP Morgan Chase, Goldman Sachs, Viacom, Alcoa, Estee Lauder, Mutual Life Insurance Company, Macy’s, and McGraw-Hill

New York City Mayor and Partnership for a New American Economy Co-Chair Michael R. Bloomberg today joined News Corporation Chairman, CEO and Founder Rupert Murdoch and Partnership for New York City President Kathy Wylde to announce that dozens of business leaders from New York City’s premier companies have joined the Partnership for a New American Economy. Their membership means that they have committed to make the economic case for sensible immigration reform. The bipartisan group is made up of business leaders and mayors from across the country. Members announced today include CEOs from leading businesses in finance, fashion, manufacturing, publishing and insurance. The companies these new members run employ a combined one million people and help infuse over $75 billion dollars back into the economy via wages paid. The Mayor was also joined by the Partnership for New York City’s two incoming Chairs, American Express Chairman and CEO Kenneth I. Chenault, and Macy’s Chairman, President and CEO Terry J. Lundgren.

“I’ve always said immigration is neither a Republican issue, nor a Democratic issue – it’s an economic issue” said Mayor Bloomberg. “New York is a city of immigrants and, in fact, our economy is one of the fastest growing in the country. New York City and American business leaders understand that our future prosperity depends on new policy that will attract and keep the workers we need to compete in the increasingly competitive global economy.”

“American ingenuity is a product of the openness and diversity of this society,” said Rupert Murdoch. “Immigrants have made America great as the world leader in business, science, higher education and innovation. As an immigrant myself, I believe that this country can and must enact new immigration policies that fulfill our employment needs, provide a careful pathway to legal status for undocumented residents, and end illegal immigration.”

“The American economy has always relied on the contributions of immigrants,” said Ken Chenault, Chairman & CEO, American Express.” A thoughtful, effective immigration policy is essential if we are to promote the economic growth and job creation we need to compete successfully in the global marketplace.”

“New York’s status as a global business capital depends on the adoption of more rational, market-driven immigration and visa policies,” said Terry J. Lundgren, President & CEO, Macy’s, Inc. “The members of the partnership see comprehensive immigration reform as a top priority for the country’s continued economic growth.”

Facts about the role of immigrants in the economy:

25% percent of America’s high-tech startups had an immigrant founder from 1995 – 2005, generating over 400,000 in under a decade;
25% of America’s international patents were based on the work of immigrants;
33% of all PhDs and 57% of all post-doctorates in science and engineering from U.S. universities were rewarded to foreign-born students; and
Visas for lower-skilled workers are used in all 50 states for labor-intensive and seasonal jobs such as landscaping; services and hospitality when companies can’t fill the jobs. One-third of companies that use the visas would reduce operations or close completely if they were not able to hire workers through temporary visas.
Facts about limits on visas for high-skilled workers:

Only 85,000 temporary visas are granted annually for high-skill workers;
Workers on these visas represent less than 0.1 percent of U.S. workforce;
Workers on high-skilled temporary work visas create an average of five new jobs in the same company because of their work in R&D or exports; and
The cap on high-skilled visas was filled by U.S. companies in 9 months in 2009, and in a matter of days in 2008 and 2007.
The new members of the Partnership for a New American Economy announced today are:

Lee S. Ainslie, III, Managing Partner, Maverick Capital
Gerard J. Arpey, Chairman and CEO, American Airlines
David Barger, President & CEO, JetBlue Airways Corporation
Candace K. Beinecke, Chair, Hughes Hubbard & Reed LLP
Frank A. Bennack, Jr., Chief Executive Officer, Hearst Corporation
Jeffrey L. Bewkes, Chairman & CEO, Time Warner Inc.
Lloyd C. Blankfein, Chairman & CEO, Goldman Sachs & Co.
Kathy Bloomgarden, Co-Chief Executive Officer, Ruder Finn, Inc.
Glenn A. Britt, Chairman, President & CEO, Time Warner Cable Inc.
Kevin Burke, Chairman, President & CEO, Con Edison
Michael A. Carpenter, Chief Executive Officer, Ally Financial Inc.
Russell L. Carson, Co-Founder and General Partner, Welsh, Carson, Anderson & Stowe
Evan R. Chesler, Presiding Partner, Cravath, Swaine & Moore LLP
H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell LLP
Cristóbal I. Conde, President & CEO, SunGard
Roger W. Crandall, President & CEO, Massachusetts Mutual Life Insurance Company
Stephen J. Dannhauser, Chairman, Weil, Gotshal & Manges LLP
Philippe P. Dauman, President and CEO, Viacom Inc.
Todd C. DeGarmo, Chief Executive Officer, Studios Architecture
Barry Diller, Chairman & Senior Executive, IAC
James Dimon, Chairman & CEO, JPMorgan Chase & Co.
Douglas A. Donahue, Managing Partner, Brown Brothers Harriman & Co.
Brian Duperreault, President & CEO, Marsh & McLennan Companies, Inc.
Richard W. Edelman, President & CEO, Edelman
Brad Feld, Managing Director, Foundry Group
Laurence D. Fink, Chairman & CEO, BlackRock, Inc.
Alan H. Fishman, Chairman, Ladder Capital Finance LLC
Paul Fribourg, Chairman & CEO, Continental Grain Company
Mark T. Gallogly, Managing Partner, Centerbridge Partners
William F. Glavin Jr., Chief Executive Officer, OppenheimerFunds, Inc.
Thomas Glocer, Chief Executive Officer, Thomson Reuters
Barry M. Gosin, Chief Executive Officer, Newmark Knight Frank
Robert Greifeld, Chief Executive Officer, The NASDAQ OMX Group, Inc.
Susan L. Hayes, President & CEO, Cauldwell Wingate Company
H. Dale Hemmerdinger, President, Atco Properties & Management, Inc.
C. Robert Henrikson, Chairman, President & CEO, MetLife, Inc.
Glenn H. Hutchins, Co-CEO, Silver Lake
Mel M. Immergut, Chairman, Milbank, Tweed, Hadley & McCloy LLP
Brad S. Karp, Chair, Paul, Weiss, Rifkind, Wharton & Garrison LLP
Charles R. Kaye, Co-President, Warburg Pincus LLC
Robert P. Kelly, Chairman & CEO, BNY Mellon
David P. Kirchhoff, President & CEO, Weight Watchers International, Inc.
Klaus Kleinfeld, Chairman & CEO, Alcoa Inc.
William P. Lauder, Executive Chairman, The Estée Lauder Companies, Inc.
Paul A. Laudicina, Managing Officer & Chairman of the Board, A.T. Kearney, Inc.
Rochelle B. Lazarus, Chairman, Ogilvy & Mather Worldwide
Richard S. LeFrak, Chairman & CEO, The LeFrak Organization
Don G. Lents, Chair, Bryan Cave LLP
Martin Lipton, Senior Partner, Wachtell, Lipton, Rosen & Katz
Leonard Litwin, President, Glenwood Management Corp.
Terry J. Lundgren, Chairman, President & CEO, Macy’s, Inc.
Peter L. Malkin, Senior Partner & Chairman, Malkin Holdings, LLC
Donald B. Marron, Chairman & CEO, Lightyear Capital
Theodore Mathas, Chairman, President & CEO, New York Life Insurance Company
William L. McComb, Chief Executive Officer, Liz Claiborne Inc.
Raymond W. McDaniel, Jr., Chairman & CEO, Moody’s Investors Service
Harold McGraw, III, Chairman, President & CEO, The McGraw-Hill Companies
John F. Megrue Jr., Chief Executive Officer, U.S., Apax Partners, L.P.
Edward J. Minskoff, President, Edward J. Minskoff Equities, Inc.
Mitchell Modell, Chief Executive Officer, Modell’s Sporting Goods
Kenneth D. Moelis, Chief Executive Officer, Moelis & Company
Surya N. Mohapatra, Chairman & CEO, Quest Diagnostics
Thomas J. Moran, Chairman, President & CEO, Mutual of America Life Insurance Company
Robert E. Moritz, Chairman & Senior Partner, PricewaterhouseCoopers, LLP
Duncan L. Niederauer, Chief Executive Officer, NYSE Euronext
Vikram S. Pandit, Chief Executive Officer, Citigroup Inc.
Richard D. Parsons, Chairman, Citigroup and Senior Advisor, Providence Equity Partners
Michael Patsalos-Fox, Chairman, The Americas, McKinsey & Company, Inc.
John Paulson, President, Paulson & Co., Inc.
James D. Robinson, III, Co-Founder & General Partner, RRE Ventures
Stephen M. Ross, Chairman & CEO, The Related Companies, L.P.
Wilbur L. Ross, Jr., Chairman & CEO, WL Ross & Co. LLC
Michael I. Roth, Chairman & CEO, Interpublic Group
Steven Roth, Chairman, Vornado Realty Trust
William C. Rudin, CEO and Vice Chairman, Rudin Management Company, Inc.
Kevin P. Ryan, Chairman & Founder, Gilt Groupe
Stephen A. Schwarzman, Chairman, CEO & Co-Founder, The Blackstone Group
Dominick M. Servedio, Chairman & CEO, STV Inc.
Joseph C. Shenker, Chairman, Sullivan & Cromwell LLP
Peter Stringham, Chairman & CEO, Young & Rubicam
James S. Tisch, President & CEO, Loews Corporation
Edward D. Turen, Chairman and CEO, Control Equity Group
John B. Veihmeyer, Chairman & CEO, KPMG LLP
Rohan Weerasinghe, Senior Partner, Shearman & Sterling
Charles Weinstein, Chief Executive Officer, EisnerAmper LLP
Fred Wilson, Co-Founder, Union Square Ventures
Tim Zagat, CEO & Co-Chair, Zagat Survey LLC
Strauss Zelnick, Chief Executive Officer, ZelnickMedia Corporation
The Partnership for a New American Economy (www.RenewOurEconomy.org) brings together business leaders and mayors to make the economic case for sensible immigration reform. The Partnership believes that that to compete in the 21st-century global economy, America needs an immigration system that secures our borders while welcoming immigrants who are essential for America’s economic growth – the ability to get the right talent to the right place at the right time is critical for continued American prosperity.

Co-Chairs include Steven A. Ballmer, CEO of Microsoft Corporation; Robert Iger, President and CEO, Walt Disney Co.; J.W. Marriott, Jr., Chairman and CEO of Marriott International, Inc.; Jim McNerney, Chairman, President and CEO of Boeing; Rupert Murdoch, Chairman, CEO and Founder of News Corporation; Mayor Julián Castro of San Antonio; Mayor Phil Gordon of Phoenix; Mayor Michael Nutter of Philadelphia; and Mayor Antonio Villaraigosa of Los Angeles.

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