The Investment Company Institute on Monday sent a letter signed by 32 leaders of the fund industry, to the co-chairs of the Super Committee, or the Joint Select Committee on Deficit Reduction.
Copies of the letter went to all members of the U.S. House of Representatives and the U.S. Senate. The appeal also appeared as an advertisement in the Monday editions of The New York Times and Roll Call.
As the Super Committee nears its final hours to reach an agreement on $1.2 trillion in deficit cuts, the ICI and industry leaders reminded Congress:
"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 health of our markets, the prosperity of our nation and the security of future generations all depend on it," the letter concludes.
Among the 32 who signed the letter were:
BlackRock Chairman and CEO Laurence D. Fink
Capital Research and Management Chairman of the Board Paul G. Haaga, Jr.
Dreyfus Corp. Chairman and CEO Jonathan R. Baum
Eaton Vance Chairman and CEO Thomas E. Faust, Jr.
Franklin Resources President and CEO Gregory E. Johnson
Invesco President and CEO Martin L. Flanagan
Legg Mason Chairman and CEO Mark R. Fetting
OppenheimerFunds Chairman, President and CEO William F. Glavin, Jr.
Putnam Investments President and CEO Robert L. Reynolds
T. Rowe Price Vice Chairman Edward C. Bernard
Vanguard Chairman and CEO F. William McNabb III
JP Morgan Funds CEO George C.W. Gatch
PIMCO Founder and co-CIO William H. Gross
Investment Company Institute President and CEO Paul Schott Stevens.
