Paul Schott Stevens, president of the Investment Company Institute, applauded Senators Michael Crapo (R-Idaho), Tim Johnson (D-S.D.) and Jim Bunning (R-Ky.) for introducing companion legislation for the GROWTH Act in the Senate. Representatives Paul Ryan (R-Wis.) and William Jefferson (D-La.) first introduced the legislation in the House in May.
"Senators Crapo, Johnson and Bunning have provided crucial leadership in introducing legislation that would help the broad spectrum of American mutual fund investors save for retirement," Schott Stevens said in a statement. "As the nation grapples with a retirement crisis, this measure can provide a significant boost for millions of investors already saving for long-term goals."