By Jessica DiNapoli

NEW YORK (Reuters) – Investors with assets worth over $1.6 trillion urged Congress on Tuesday to pass a federal paid family and medical leave policy as part of President Joe Biden’s $3.5 trillion spending plan, according to a letter viewed by Reuters.

A total of more than 100 investors (including state treasurers and public pension funds) said that a paid leave policy would improve America’s economy and help companies with shares to perform better.

“It’s an economic security issue,” said Wisconsin State Treasurer Sarah Godlewski. “We’ve seen the consequences of having the U.S. have not had this policy, which has led to women being pushed out of the workforce, as an example.

We, as institutional investors and treasurers, are here to help. It was a great impact on investments and communities.

The letter was organized by Trillium Asset Management (a pioneer in green investing) and Interfaith Center on Corporate Responsibility. It was sent to Congress leaders including Nancy Pelosi, U.S. Senate Majority leader, Chuck Schumer.

Trillium’s director for shareholder advocacy, Kate Monahan said that “we believe paid leave to be a critical piece in fostering an economic environment where everyone can prosper.”

Legislators have tried to prevent a government shutdown and reached an agreement on a tax/social spending package. Leading Democrats claim that the package’s $3.5 trillion cost is excessive.

According to the investor letter, leave should be provided for parents and for those who have to take care of a sick family member or to treat a serious illness.