Major companies' CEOs calling on Congress for more child care funding

Major companies' CEOs calling on Congress for more child care funding
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More than 50 CEOs of major companies are calling on Congress to make more investments in child care.

In a letter, which was first reported by Politico, the executives called on Congress to “act decisively” to address the lack of affordable, quality child care, which they say is “one of the biggest barriers to economic recovery and growth.”

The CEOs wrote the letter as members of a group dubbed the ReadyNation CEO Task Force on Early Childhood.

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Two of the task force’s co-chairs, Build-A-Bear Workshop CEO Maxine Clark and DSM North American President Hugh Welsh, were among the signatories.

In the letter, the group referenced its July report, which found a 3.1 percent drop in labor force participation for women compared to 2.1 percent for men between February 2020 and February 2021. The group says that a lack of child care was “an important driver” of women exiting the workforce.

Among the investments, the CEOs called for an increase in public funds to the child care system. This would include making the expansion of the Child and Dependent Care Tax Credit permanent and providing grants directly to child care providers to expand options in areas where care is unavailable.

The group is also asking to update Small Business Administration resources to assist child care providers in launching their businesses, as well as expanding provisions in the tax code that will enable businesses to further contribute to quality child care.

“Now is the time to pass bipartisan, comprehensive, sustainable reforms to our nation’s child care system,” the CEOs wrote.

“We must come together to support children, families, and business innovation through increased public investments to help solve the ongoing child care crisis,” the group continued.