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FBI offers $50,000 reward in search for Brown University shooting suspect; Rob and Michele Reiner's son 'responsible' for their deaths, police say; Are TX charter schools hurting the education system? IL will raise the minimum age to jail children in 2026; Federal aid aims to help NH farmers offset tariff effects.

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Gun violence advocates call for changes after the latest mass shootings. President Trump declares fentanyl a weapon of mass destruction and the House debates healthcare plans.

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Farmers face skyrocketing healthcare costs if Congress fails to act this month, residents of communities without mental health resources are getting trained themselves and a flood-devasted Texas theater group vows, 'the show must go on.'

Investment Banker: Invest in Paid Family Leave

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Monday, January 6, 2014   

PHOENIX - A strong voice from Wall Street is weighing in on the importance of paid family leave for parents of newborn children and for people caring for seriously ill or elderly relatives.

Tom Nides, who served as U.S. Deputy Secretary of State and recently moved to investment bank Morgan Stanley, said he believes in legislation introduced in Congress that would create employee-paycheck deduction pools to compensate workers during family leaves.

"I think it's a huge benefit and a huge plus," he said. "We've got to move this debate forward. It's, by the way, the right thing to do."

Arizona Representative Ron Barber, a Democrat, is co-sponsoring the federal Family and Medical Insurance Leave Act which has been introduced in both the U.S. House and Senate. On Wednesday, Rhode Island became the third state to offer workers paid family leave, along with California and New Jersey.

Some business groups say that, even though family leave wouldn't be paid by taxpayers or employers but by paycheck deductions, it should be voluntary, not government-mandated. Nides said however it is an idea whose time has come.

"I am totally aware, as a businessperson and as someone who's been involved in public policy for a long time, that this is difficult for a lot of companies, this is expensive," he admitted. "But we've got to begin having this conversation in the United States."

Nides said he believes worker productivity will rise and employers will recognize the good will that comes out of paying for family leave time off.

"There's no question that studies have shown that (when) individuals (are) given the opportunity to have a few weeks to take care of a newborn or a sick family member, it's critically important to the productivity of that individual," he said.

Surveys have shown America lags behind many other developed nations in providing paid family leave.




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