Regions

Oklahoma-based anti-abortion firm Hobby Lobby stirs controversy by backing contraception makers

April 5
4:23 PM 2014

Hobby Lobby has fought against President Obama's Affordable Care Act's birth control coverage. However, the firm's own 401k plan has invested over $73million in companies that make intrauterine devices (IUDs) and contraceptive pills, according to a Mother Jones report cited by WTSP.

Cecile Richards, the presdent of Planned Parenthood Action Fund, told The Associated Press: "This is the height of hypocrisy. Hobby Lobby's CEO wants to deny the company's 13,000 employees access to affordable birth control, while investing in pharmaceutical companies that make it."

Mother Jones said the $73 million constitutes 75% of the 401k plan's total assets. Pfizer, the maker of abortion inducing drugs Cytotec and Prostin E2, and Bayer, the maker of Mirena and Skyla IUDs, are among the companies being backed by the said retirement plan, the report detailed.

The owners of Oklahoma-based Hobby Lobby believe that "life begins at conception" and base company decisions in Christian beliefs. For this reason, the recent revelation of its 401k investments has stirred controversy among its employees and contraception and parenthood entities as well, WTSP reported.

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