Paul Schott Stevens, president of the Investment Company Institute, applauded Senators Michael Crapo (R-IDdaho, Tim Johnson (D-S.D.) and Jim Bunning (R-Ky.) for introducing companion legislation for the GROWTH Act in the upper house. Representatives Paul Ryan (R-Wis.) and William Jefferson (D-La.) introduced the original bill in the House in May.
The GROWTH Act, supported by members of both the Republican and Democratic parties, is geared towards aiding mutual fund investors in building a more secure retirement by postponing tax on reinvested capital profit.