Garbarino, Sherman Introduce Resolution Recognizing 100th Anniversary of Mutual Funds
WASHINGTON, D.C. - Congressman Andrew R. Garbarino (R-NY-02), along with co-lead Congressman Brad Sherman (D-CA-32), have introduced a House Resolution recognizing the 100th anniversary of mutual funds. This bipartisan resolution celebrates the vital role mutual funds have played in empowering Americans to build financial security through diversified investment opportunities.
“Mutual funds have made it possible for hardworking Americans to access diversified investment options, giving families a practical way to work toward their financial goals,” said Rep. Garbarino. “Over the past century, mutual funds have been instrumental in helping generations of Americans save for retirement, plan for their children's education, and build wealth over time. As we mark this milestone, we recognize the resilience and stability mutual funds have brought to our financial markets and the enduring trust they continue to earn from investors across the nation.”
“For 100 years, mutual funds have allowed middle class Americans to save for retirement, build generational wealth, and send their kids to college; all while building the American economy,” said Rep. Sherman. “Today, we celebrate mutual funds and the SEC for overseeing them and protecting investors.”
The first modern mutual fund was launched in the U.S. in 1924 by Massachusetts Investors Trust. This marked the birth of an innovative investment vehicle that democratized investing for individuals from all walks of life. In 1940, Congress passed the Investment Company Act and the Investment Advisers Act to further strengthen and support mutual funds for the benefit of Americans who rely on them.
“ICI applauds Reps. Garbarino and Sherman for introducing this bipartisan resolution celebrating the most important financial innovation of the past century to benefit the American middle class. Mutual funds, and the other investment fund products they have generated, have been essential to ensuring American households’ long financial security, allowing generations of Americans to participate in our capital markets and save for retirement, education, and homes. Today more than 120 million Americans own funds,” said Investment Company Institute President and CEO Eric J. Pan.
The full text of the Resolution can be found here.
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