Business Leaders Applaud House Vote to Increase $7.25 Federal Minimum Wage,
Call for Senate and White House to Pass and Sign into Law
Washington, DC – Today, the American Sustainable Business Council (ASBC) released a statement applauding the passage of a bill raising the $7.25 federal minimum wage. It was passed today by the U.S. House of Representatives. The statement also calls on the Senate and the White House to pass the bill and sign it into law. The following may be attributed to Jeffery Hollender, CEO of ASBC:
“We applaud the passage of the Raise the Wage Act. It will increase the federal minimum wage from its appalling level of $7.25 to $15 over six years. The phase-in period gives businesses time to plan and adjust, and the additional income to employees will boost consumer spending, starting a virtuous cycle of economic growth. We call on the Senate to also pass this bill and the White House to sign it into law.”
Business for a Fair Minimum Wage has led the effort to show business support for the measure. So far, 1,000 businesses and business organizations, including ASBC, have signed the Business for a Fair Minimum Wage Statement, and more are signing every day.
“Today’s vote to pass the Raise the Wage Act is a vital step forward,” said Holly Sklar, CEO of Business for a Fair Minimum Wage. “A $7.25 minimum wage is too little to live on, and that’s bad for business as well as workers. Consumer spending drives our economy and raising the minimum wage boosts the consumer spending and worker productivity that businesses depend on to thrive. House lawmakers did the right thing today by passing this bill. It’s time for the Senate to do the same.
“It’s been 10 years since the last federal minimum wage increase—the longest period without a raise since the federal minimum wage was enacted in 1938. The federal minimum wage of $7.25, which adjusted for the cost of living is worth less than it was in 1950,” she said.
The American Sustainable Business Network (ASBN) is a partner to businesses and the investor community to bring collective wisdom and public policy solutions to the systemic issues negatively impacting our society and planet. Founded through the merger of the American Sustainable Business Council (ASBC) and Social Venture Circle (SVC), ASBN rejects short-term thinking narrowly focused on just shareholder value in favor of a capitalism based on creating long-term value and being accountable to all stakeholders: owners, workers, families, community, environment, state, nation, and world. As a multi-issue, membership organization advocating on behalf of every business sector, size, and geography, ASBN and its association members collectively represent over 250,000 businesses across our networks.