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.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.