News

Retail trade organizations voice concern over health care ruling

June 29, 2012

Retail stocks deepened their loss on Thursday after the Supreme Court upheld President Barack Obama's health-care overhaul, according to Christine Pollack, vice president of government affairs at Retail Industry Leaders Association

The law, to be implemented in 2014, would mandate employers to provide health care coverage from a current voluntary system.

"We are very concerned about the burden (the law) is placing on the retailers," Pollack said.

The trade group represents more than 200 retailers including Wal-Mart Stores Inc., Target Corp., Home Depot Inc. and Best Buy Co. RILA said it's working with several business groups and trade associations, including the National Retail Federation, to seek repeal of the law.

"We're disappointed by today's ruling," said NRF President and CEO Matthew Shay. Retailers account for one in four U.S. jobs, or 42 million working Americans, NRF said.

The S&P Retail Index fell 1.2 percent.