Tony Perkins, president of the Christian conservative Family Research Council (FRC), has criticized re-introduction of the Equality Act, saying that it robs “every American of their speech, privacy, and beliefs.”

The Equality Act is a federal bill that seeks to prohibit discrimination against people who identify as LGBT. It was re-introduced on Wednesday.

(Related: Pete Buttigieg endorses LGBT protections bill Equality Act.)

Perkins, a vocal opponent of LGBT rights, argued that the bill would “destroy the very climate that makes companies successful in the first place.”

“Do they know the implications of these countless new regulations – or the overwhelming costs of compliance? What about the legal fees for settling workplace disputes, the higher taxes that will inevitably come from more government oversight, or the loss of competitiveness that comes with more regulation?” Perkins rhetorically asked.

“Big Business is desperately trying to have its cake — and make you bake them too. They want the admiration of the Left and the favorable economic policies of conservatives. And while they embrace this miserable excuse for fairness that robs every American of their speech, privacy, and beliefs, where will they look to bail them out when their profits start tanking? To conservatives. But they can’t have it both ways. Big Business can either embrace the social structure that leads to growth, or they can sit and watch their revenues implode because they cared more about political correctness than the future of their corporations,” Perkins said.

A majority of large corporations have voluntarily adopted policies that prohibit discrimination based on sexual orientation and gender identity. Opposition to LGBT protections has mainly come from small businesses. Firms with fewer than 15 employees are exempt from the Equality Act.

(Related: All 100 firms on Fortune's Best Companies list protect gay workers.)

FRC has been labeled a “hate group” by the Southern Poverty Law Center (SPLC) over its anti-LGBT rhetoric.