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ARCHIVE
Now Is the Time to Put America on a Path of Fiscal Responsibility
By Paul Schott Stevens
November 21, 2011
On behalf of funds and the 90 million investors that they serve, fund industry leaders are sending a simple but urgent message to Congress and the White House: the time has arrived to put America’s fiscal house in order.
Thirty executives of companies represented on ICI’s Board of Governors, the chair of the Independent Directors Council, and I are joining together to send a letter to the co-chairs of the Joint Select Committee on Deficit Reduction—known as the “Super Committee”—every other member of Congress, and the President. The letter will also appear as advertisements in the New York Times and Roll Call.
The full text of our letter follows.
Only days remain for the Joint Select Committee on Deficit Reduction to report on its efforts. Meanwhile, more than 90 million American mutual fund investors wait anxiously for Congress and the Administration to act.
These are Americans who are investing for a brighter future—a secure retirement, a better education, or a solid financial foundation. They need responsible action by their government to protect the health of the economy and the financial markets on which they depend.
The time to act is now. Last summer, we saw how harmful it is when America’s resolve to address our fiscal crisis is put in doubt. Congress and the Administration must work together to put America on a path of fiscal responsibility. The health of our markets, the prosperity of our nation, and the security of future generations all depend upon it.
| American Century Investments Jonathan S. Thomas President and CEO |
Aquila Investment Management LLC Diana P. Herrmann President and CEO |
| BlackRock, Inc. Laurence D. Fink Chairman and CEO |
Capital Research and Management Company Paul G. Haaga Jr. Chairman of the Board |
| Columbia Management William F. Truscott CEO, U.S. Asset Management and President, Annuities |
Delaware Investments Patrick P. Coyne President and CEO |
| Dodge & Cox Thomas M. Mistele Chief Operating Officer |
The Dreyfus Corporation Jonathan R. Baum Chairman and CEO |
| Eaton Vance Corporation Thomas E. Faust Jr. Chairman and CEO |
Federated Investors, Inc. John W. McGonigle Vice Chairman |
| Franklin Resources, Inc. Gregory E. Johnson President and CEO |
Goldman Sachs Mutual Funds James A McNamara President and CEO |
| Invesco, Ltd. Martin L. Flanagan President and CEO |
JPMorgan Asset Management George C. W. Gatch CEO, JP Morgan Funds |
| Legg Mason, Inc. Mark R. Fetting Chairman and CEO |
Lord, Abbett & Co. LLC Robert S. Dow Senior Partner |
| Natixis Global Asset Management, L.P. John T. Hailer President and CEO, U.S. and Asia |
New York Life Investments John Y. Kim Chairman and CEO |
| Northern Funds and Northern Institutional Funds Lloyd A. Wennlund President |
Nuveen Investments Thomas S. Schreier Jr. Vice Chairman, Wealth Management |
| OppenheimerFunds, Inc. William F. Glavin Jr. Chairman, President, and CEO |
PIMCO William H. Gross Founder and Co-CIO |
| Pioneer Investments Daniel K. Kingsbury President and CEO |
Prudential Investments Judy Rice President |
| Putnam Investments Robert L. Reynolds President and CEO |
State Street Global Advisors James E. Ross Senior Managing Director and Global Head of ETFs |
| T. Rowe Price Group, Inc. Edward C. Bernard Vice Chairman |
Thornburg Investment Management, Inc. Garrett Thornburg Chairman |
| Vanguard F. William McNabb III Chairman and CEO |
Waddell & Reed, Inc. Michael D. Strohm CEO |
| Independent Directors Council Dorothy A. Berry Chair |
Investment Company Institute Paul Schott Stevens President and CEO |
Paul Schott Stevens has served as President and Chief Executive Officer of the Institute since June 2004.
TOPICS: TaxesFinancial Markets
Deloitte/ICI Study Shows Retirement Plan Fees Driven Primarily by Plan Size, Asset Allocation
By Sarah Holden
November 16, 2011
According to a comprehensive new study, primary factors driving fees in 401(k) and other defined contribution retirement plans are the number of plan participants and average participant account balance, as well as the allocation of plan assets to equity investment options.
TOPICS: Policy Research401(k)Retirement Research
A Thoughtful Approach to Regulating Derivatives and Protecting Investors
Robert C. Grohowski
November 8, 2011
A Thoughtful Approach to Regulating Derivatives and Protecting Investors
TOPICS: Fund Regulation
Washington Post Columnist Ignores Regulation, Transparency of Funds
By Paul Schott Stevens
November 7, 2011
Today I submitted the following letter to the editor of the Washington Post: Mutual funds are among the most regulated and transparent investment vehicles available, with investor protection as a defining principle. In his Sunday column, Steven Pearlstein chose to ignore that record.
TOPICS: Financial MarketsFund Regulation
ICI Responds to Hearing on Excessive Speculation
By Stephanie Ortbals-Tibbs
November 3, 2011
ICI issued the following statement in response to today’s hearing, “Excessive Speculation and Compliance with the Dodd-Frank Act,” before the Senate’s Permanent Subcommittee on Investigations.
TOPICS: Financial MarketsExchange-Traded FundsFund RegulationCommodity Investments
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