UNION LABOR LIFE Insurance Company CEO Edward Smith addressed the delegates on Tuesday morning, stressing the importance of the Bank of Labor and the Boilermaker’s advocacy for carbon capture and storage.
Smith said when a Boilermaker’s money — or any union member’s money — goes to an institution that invests its profit in ways that harm labor, that gives away labor’s power.
“We cannot let them own our money. They’ve got enough money without us giving them our money… to help destroy our union, our Labor Movement and affect our country.” Smith said that’s why he was excited to hear about the plan of International President Newton B. Jones to grow the Bank of Labor from a Midwestern bank to an international institution.
Money can make a difference in advancing the causes of labor, Smith said, and Ullico is committed to figuring out how to finance CCS research and development.
He said Boilermakers are championing the need for the development of viable CCS and noted there’s a bill before Congress that will make it possible for the technology to receive tax credits.
Smith said that members can’t get complacent in the fight for the rights of labor. “Stay fired up. You’ve got to stay in the fight. I’m telling you. Your historic union is leading the fight. We can move mountains if we just do it together.”