New York City Comptroller William C. Thompson, Jr. issued the following statement after Costco Wholesale Corporation announced that it would begin accepting Supplemental Nutritional Assistance Program (SNAP) payments, commonly referred to as food stamps, at its future East Harlem location:

“I am pleased to hear that Costco will expand its pilot program of accepting food stamps from two New York City stores to three, including its future East Harlem location. The tens of thousands of East Harlem residents who currently receive SNAP benefits will surely appreciate having more options as a result of Costco’s decision.

While I am grateful that Costco has decided to take this step, I nonetheless encourage Costco to implement a permanent policy of accepting food stamps at all its stores in the city and nationwide.”

As Chief Investment Officer of the New York City Pension Funds, who collectively hold 1.5 million shares in Costco, Thompson sent a letter on May 19th to Costco Wholesale Corporation’s Chief Executive Officer James Sinegal calling on the company to accept SNAP payments.  Thompson cited the potential reputational risk for Costco and its investors among the reasons to reverse its policy. To view Thompson’s letter, visit www.comptroller.nyc.gov.

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