The Clinton Global Initiative has announced a $1 billion pledge from the New York City Teachers Retirement System toward a multiyear CGI Commitment to Action made by the AFL-CIO, American Federation of Teachers, and other partners at the inaugural CGI America meeting in June.
Working with money managers, asset consultants, pension funds, developers, and federal, state, and local governments, the commitment will result in at least $10 billion in workers' capital invested in the construction and repair of public infrastructure in New York, New Jersey, and Connecticut over the five years. Projects to be funded include improvements to transportation, power, water, communications, and housing infrastructure as well as support for post-Sandy reconstruction efforts.
The commitment, which to date has raised more than $2.7 billion from partner organizations, also includes a pledge to invest $10 million to $20 million in energy efficient retrofits and an effort to train 40,000 new apprentices and 100,000 mid-career construction workers in the skills necessary to work on twenty-first century infrastructure projects.
"This investment is another example of America's educators stepping up to not only educate and care for our children but to also revitalize our communities, create jobs, and strengthen our economy," said AFT president Randi Weingarten. "New York City Teacher Pension funds have always taken a lead in tough times to rebuild our city, from buying city bonds to avert bankruptcy in the 1970s to investing hundreds of millions in the stock market to bolster the economy after 9/11 when economic activity had pretty much stopped in lower Manhattan. This investment continues that tradition in the wake of Superstorm Sandy and budget cuts that have stifled investment and is part of a broader effort by labor to invest in America's future and create jobs. I couldn't be prouder of my home city, my home local, of the labor movement, and to be doing this with President Clinton and the Clinton Global Initiative."