ICI Applauds Congressional Passage of Economic Stabilization Legislation
Washington, DC, October 3, 2008 - Investment Company Institute President and Chief Executive Officer Paul Schott Stevens today issued the following statement:
"We applaud the timely passage by Congress of the Emergency Economic Stabilization Act of 2008. The strong approval of the bill by the House today, soon after the Senate acted on it, was a necessary and welcome step toward stabilizing America’s financial markets.
"Swift enactment of this legislation is in the interest of all Americans and will promote confidence in the face of the unprecedented conditions in our markets and the consequent risks to our economy. The nation's 90 million mutual fund shareholders are among those who will benefit. We pledge to work closely with the Administration, Congress, and all our membership as the legislation is implemented in the days ahead."
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The Investment Company Institute's Board of Governors today re-elected John V. Murphy for an additional one-year term as Chairman of the Institute. The board also ratified Martin L. Flanagan, as immediate past Chairman, to continue his service as ICI's Vice Chairman. In addition, the Board elected a slate of new Governors. Murphy is Chairman and CEO of OppenheimerFunds. Flanagan is President and CEO of Invesco. Most workers who are likely to have the ability to save and to be focused primarily on saving for retirement have access to an employer-provided retirement plan, according to a new study released by ICI. Who Gets Retirement Plans and Why takes a detailed look at the demographic and workforce factors that help determine whether an employer is likely to offer, and workers are likely to seek, deferred compensation in the form of retirement benefits. American savers held $17.1 trillion in retirement assets at the end of the first quarter of 2008, accounting for nearly 40 percent of all household financial assets in the United States, according to ICI's quarterly update of U.S. retirement assets. IRAs held more than $4.5 trillion of those assets; another $4.3 trillion was held in employer-sponsored defined contribution plans, such s 401(k) plans. ICI and the Securities Industry Financial Markets Association have announced the launch of a joint research project to improve understanding of investors' use of Individual Retirement Accounts. The project will use a new collection of account and demographic data. ICI and SIFMA will use the database, the first of its kind, to produce a major research report annually, beginning in 2009. In a statement, ICI President Paul Schott Stevens praised the "decisive action" taken by Treasury Secretary Paulson and Federal Reserve Chairman Bernanke on September 19 "to protect investors from the effects of the severe liquidity problems that have strained U.S. and global financial markets. ... We believe these actions will go a long way toward restoring order in the markets and building investor confidence." Money market mutual funds have been a successful financial product for millions of investors, ICI President Paul Schott Stevens said in a statement issued on September 16, in the wake of news that one money market fund was unable to maintain its $1.00 net asset value. Although money market funds are not insured or guaranteed, Stevens pointed out that investors have benefited from the security, liquidity, and diversification that these funds provide under stringent and effective regulation. Other recent developments 
This brochure outlines the options available for investing in 529 savings plans. This brochure discusses how UITs operate, and provides a general overview of the different types of UITs. This brochure reviews the types of closed-end funds and their operations. This brochure summarizes exchange-traded funds (ETFs) and explains how they differ from index mutual funds. More about investing
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On September 29, the U.S. Treasury Department opened its Temporary Guarantee Program for Money Market Funds. Here are questions and answers about the program. In light of increased attention to money market funds, ICI has provided detailed background information that includes a discussion of types of investments, maintenance of a stable $1.00 net asset value, and what it means if a fund "breaks a buck." On September 7, 2008 the U.S. Treasury Department placed Fannie Mae and Freddie Mac into conservatorship. This document describes how this action affects mutual fund investors. More questions and answers 
According to a new study by ICI, Who Gets Retirement Plans and Why?, most workers who are likely to have the ability to save and to be focused primarily on saving for retirement have access to an employer-provided retirement plan. American savers held $17.1 trillion in retirement assets at the end of the first quarter of 2008, accounting for nearly 40 percent of all household financial assets in the United States, according to ICI's quarterly update of U.S. retirement assets. IRAs held more than $4.5 trillion of those assets; another $4.3 trillion was held in employer-sponsored defined contribution plans, such s 401(k) plans. More ICI research 
The combined assets of the nation's exchange-traded funds (ETFs) were $585.97 billion in August The combined assets of the nation's mutual funds decreased by $9.50 billion, or 0.08 percent, to $11.578 trillion in August. Total money market mutual fund assets increased by $1.34 billion to $3.399 trillion for the week ended Wednesday, October 1, the Investment Company Institute reported. More ICI statistics 
U.S. commodity markets must remain fair, liquid, and competitive, ICI President and CEO Paul Schott Stevens told members of Congress. In a letter sent to Capitol Hill, Stevens warned against curtailing the activities of investors in commodity-based assets, which could result in raising costs for individual investors in mutual funds and reduce liquidity in U.S. commodity markets by sending commodity trading overseas. The nation's 401(k) system has become the "dominant private-sector device for retirement savings," and its success will continue if regulators, employers, and the financial services industry work together to encourage more plans and greater worker participation, ICI President and CEO Paul Stevens told attendees at the Institute's 50th Annual General Membership Meeting. More ICI viewpoints
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