Stanley Druckenmiller, the hedge fund manager who delivered average annual returns of 30% from 1986 until he returned the money of all outside clients to them in 2010 in order to concentrate on his own investments, has announced he is backing Mark Zuckerberg’s lobbying campaign for immigration reform in the United States, now focused on the House of Representatives.
Stanley Druckenmiller Mark Zuckerberg
Sponsored by President Obama, the bill has already passed in the Senate where it achieved a significant measure of bipartisan support, with 14 Senate Republicans help Democrats get it through. The bill provides a path to citizenship for America’s 11 million undocumented immigrants while also allocating $46 billion to border security.
Druckenmiller becomes the first east-coast Wall Street veteran to contribute to the bipartisan advocacy group “FWD.us. In doing so, he joins a group of leading technology lights, including Microsoft Corp. Chairman Bill Gates and LinkedIn Corp. Executive Chairman Reid Hoffman, who have already contributed to the campaign.
Founded earlier this year, Zuckerberg’s group lobbied hard to help obtain the comprehensive immigration bill that was passed by the U.S. Senate on June 27. It faces stormier waters in the House of Representatives, however, which is controlled by the Republican party and where many House Republicans are opposed to the citizenship plan.
“As a New Yorker, it is easy to appreciate the role immigration has played in making America the dynamic and competitive economy it has been throughout our history, ” Druckenmiller said in an e-mailed statement. “I was pleased to see FWD.us and the tech community come together with a new and innovative approach to play a key role in helping push critical reforms through Senate passage.”