NEW YORK - The Clinton Administration would welcome testimonials from the mutual fund industry on the capability of the average American investor to make sound investment decisions for his social security funds, with the help of professionals, said Carolyn Weaver, a member of the Clinton Administration Social Security Advisory Board. Weaver spoke on privatization of the Social Security Administration at a symposium sponsored by MFS Investment Management to mark the 75th anniversary of its mutual funds.
Weaver said that some of the most vocal opponents of Social Security reform on Capitol Hill have argued that the average American does not have the "financial acumen or is too ignorant" to know how to invest in financial markets. She encouraged mutual fund companies to lobby Congress to dispel this misconception. They should inform Congress that with the help of financial advisors and mutual fund professionals, individuals can make informed investment decisions.