Monday, March 26, 2012

Economic development: the series

     A top executive in Charlotte minces no words on how a state can shoot itself in the head when it comes to economic development in the real world:


This bank headquarters is not located in South Carolina.

          Cathy Bessant says a North Carolina constitutional amendment to ban gay marriage in the Tar Heel State would be harmful to business and economic development in the state.
          Bessant, a well-known corporate figure in Charlotte and a former Charlotte Chamber chair, is the global technology and operations executive for Charlotte-based Bank of America. Her division has more employees than any other and is responsible for almost all the technology and related support staff that works behind the scene for the nation's second-largest bank.
          Bessant says a ban on gay marriage would have a "disastrous effect on our ability to attract talent and retain talent." She mentioned technology, biotech and related fields as those especially at risk.
          In a YouTube video posted on the website www.protectncfamilies.org, Bessant says the amendment to ban gay marriage in North Carolina would send the message that the state has a "backward-looking economy." While she doesn't reference Bank of America, her title and affiliation with BofA is noted on the video. And she says the law would harm large corporations.
          Amendment One "is a direct challenge to our ability to compete nationally for jobs and economic growth," Bessant says in the two-minute recording. "Large corporations hate this kind of controversy. They deal with diverse work force populations for whom issues like this aren't just important in terms of where it is they live, but are important indicators of the diversity and meritocracy of the companies where they want to work."
          Bank of America says Bessant isn't speaking on behalf of the bank. "Consistent with our typical practice, Bank of America is not taking a position one way or the other on Amendment One," the bank says in a statement emailed to the Charlotte Business Journal. "Our employees are allowed and encouraged to be involved in their personal capacity in dialogue and debate on important public issues."
          BofA recently approved internal policies that will reimburse same-sex couples for the higher tax rates they're charged on company-sponsored health benefits.
          Amendment One will be on a statewide ballot May 8. It seeks to prohibit marriages between same-sex couples. The amendment is a polarizing topic, with many conservative groups supporting the measure, while others, including a coalition of businesses, have opposed it.
          North Carolina already has a law prohibiting gay marriage. But May's vote could add the rule to the state's constitution.
          Of course, supporters and opponents of the amendment both have made economic development part of the debate. Tami Fitzgerald, executive director of the N.C. Values Coalition, recently said the issue is "a red herring." She lists rankings of the best places to do business and notes that most of the states in the top 10 have same-sex marriage amendments in place.

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