Bank of America CEO Warns Immigration Crackdown Could Crimp Economy

11/16/2017 - Professor of Economics Giovanni Peri at The Street.

CEOs from companies including Facebook, General Electric, Goldman Sachs and Ford have pushed back against pieces of President Donald Trump's immigration proposals. Now a chief of one of the biggest U.S. banks says restrictions could bleed over to the broader economy.

Giovanni Peri, chair of the economics department at University of California-Davis and an expert on immigration, said research shows that local economies are dependent on immigrant workers for restaurant, construction and domestic jobs, he said. Those workers in turn spend their earnings in the local economy. Often, they also open bank accounts, he noted.

Read the full story at The Street.