Last week, North America’s Building Trades Unions and the American Investment Council announced a first of its kind, broad partnership to accelerate the creation of good union jobs, encourage investment, and strengthen retirement security for millions of middle class families. Here’s some recent coverage about the partnership:
Building trades and private equity group join forces
Pensions & Investments
By Hazel Bradford
September 3, 2020
“American Investment Council President and CEO Drew Maloney said in an interview that the new labor management committee ‘will be identifying projects and businesses where we can work together going forward.’ AIC member firms ‘are very interested, and we just happen to have the ability to pull that off,’ he said. …The two groups said they will work to present a unified front on public policy decisions affecting retirement security, job growth and access to capital.”
North America’s Building Trades Unions President Sean McGarvey said that NABTU’s affiliated pension funds manage $550 billion in assets, and the unions will also use their retirement capital to educate the public on organized labor’s role as investors in private equity and its economic impact on local communities.
The two groups said they will work to present a unified front on public policy decisions affecting retirement security, job growth and access to capital.
Click here to read the full story from Pensions & Investments.
“In forming their new labor-management committee, both NABTU and AIC, each an umbrella organization for scores of other organizations, recognized the importance of a strong relationship not just in advancing their legislative hopes or in dealing with regulatory issues, but also in effecting change, ‘where shovels meet dirt,’ McGarvey said.
They will also work to present an even more unified front on public policy decisions affecting retirement security, job growth and access to capital.
‘Being partners this way is a logical next step for us both,’ the union man said. ‘In many cases, we’ve long been working along parallel paths to achieve the same ends.’
‘Working together, we are not only ensuring good sound returns for our pensioners, but we’re creating good jobs, middle-class sustaining jobs, and providing the skilled workforce to build the projects private equity firms seek to invest in,’ he added.
To illustrate the kind of projects they want to work together on in the future, both McGarvey and Drew Maloney, president and CEO of The American Investment Council pointed to the upcoming redevelopment of Terminal 1 at New York’s John F. Kennedy International Airport, the cornerstone of a sweeping $13 billion renovation that will revitalize one of the busiest airports in the United States and increase its capacity by at least 15 million passengers per year.
‘It’s the perfect example of a private equity-union partnership,’ McGarvey said. ‘This project will create ladders of opportunity, along with 5,000 union construction jobs and 2,000 airport operation jobs going forward. We want to see similar partnerships across the country, and that is what our partnership is all about.'”
Click here to read the story from The Well News.