Live news: Wall Street leaders urge Washington to assist with migrant influx

Dozens of New York’s top business leaders have urged Washington to do more to tackle the pressures caused by the arrival of tens of thousands of asylum seekers in US cities.

In an open letter to President Joe Biden and Congressional leaders of both parties, executives including Jamie Dimon of JPMorgan Chase and Jane Fraser of Citigroup called for federal funding to address migrants’ educational, housing and healthcare needs.

They also urged Washington to move faster on processing asylum applications and work permits, noting the labour shortages in many US industries.

The letter, which was also signed by the leaders of BlackRock, Blackstone, EY and Goldman Sachs, follows requests by New York governor Kathy Hochul for federal aid to offset the costs of handling the influx.