The Investment Company Institute said it strongly supports pending bipartisan legislation intended to encourage “financial literacy” for U.S. individual investors.
The legislation, House resolution 578, reinforces the goals and ideals of Financial Literacy Month.
Congresswoman Judy Biggert (R-IL) and Congressman Rubn Hinojosa (D-TX) are lead sponsors of the resolution.
“Mutual funds are the primary vehicle Americans chose to help save for their future, their retirement and the education of their children,” said ICI President Matthew P. Fink. “Our nation must work to ensure that individuals have the knowledge and skills to identify and achieve their financial goals. Financial Literacy Month will empower Americans to make wise financial decisions.”
As the pending resolution states, the financial services industry benefits millions of people in the nation and provides products and services that allow individuals and families to build homes, buy cars, finance educations, start businesses, save for retirement, and meet everyday needs, ICI said.
Moreover, the bill notes that financial education is essential to ensure that individuals are prepared to manage money, credit and debt, and become responsible workers, heads of households, investors and business leaders, it pointed out.
“The more Americans know about finances and investing, the stronger our national economy and investment community will be,” concluded Fink.”
The Investment Company Institute and our mutual fund members encourage the adoption of H. Res. 578 and the furtherance of the goals and ideals of Financial Literacy Month,” he said.