The Investment Company Institute today sent a letter to the co-chairs of Congress' Joint Select Committee on Deficit Reduction, or Supercommittee, exhorting its members to act responsibly and expeditiously to reach a solution to the nation's budget deficit crisis.
The letter was signed by 32 leaders of the fund industry, including executives of companies represented on ICI's Board of Governors, the chair of the Independent Directors Council, and the president and CEO of ICI. Copies of the letter will be delivered to all members of the U.S. House of Representatives and the U.S. Senate. The letter also appeared as an advertisement in the Monday editions of The New York Times and Roll Call. "The time to act is now. Last summer, we saw how harmful it is when America's resolve to address our fiscal crisis is put in doubt. Congress and the Administration must work together to put America on a path of fiscal responsibility. The health of our markets, the prosperity of our nation, and the security of future generations all depend upon it," the letter said.
The Investment Company Institute is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs) and unit investment trusts (UITs). ICI seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors, and advisors. Members of ICI manage total assets of $11.8 trillion and serve over 90 million shareholders.