Although some mutual fund insiders have argued that privatizing Social Security would not be a boon for the industry because the account sizes would be small and the fees would be scant, other executives are circumspectly throwing their support behind the idea, The New York Times reports. Reluctant to come out publicly in favor of privatization for fear of being accused of wanton greed, fund companies are reportedly backing the proposal behind the scenes through trade associations, business groups, conservative think tanks and campaign donations.

A recent report by the Securities Industry Association, for example, made the argument that fund companies would earn $39 billion in fees from privatized accounts over 75 years, compared to $3.3 trillion in other revenue over the same period – or, in other words, just over 1% more in revenues.

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