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SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the introduction of the Protecting Retirement Savers and Everyday Investors Act:
“SIFMA commends the action taken today to protect Americans retirement savings by Congressmen Patrick McHenry (R-NC) and Bill Huizenga (R-MI) with the introduction of the ‘Protecting Retirement Savers and Everyday Investors Act.’ This would block states from imposing financial transactions taxes (FTTs) on certain industry participants, including stock exchanges and broker-dealers, which would be paid by out-of-state investors when the FTT is passed onto them. SIFMA strongly opposes the imposition of an FTT due to the cost to retirement savers, investors, businesses and the economy. An FTT is nothing more than a sales tax on investors and it runs counter to many longstanding policies promoting savings and economic growth. Moreover, in jurisdictions where an FTT has been implemented. At a time when Americans are not saving enough for retirement, there is no upside to a tax which impacts Americans who are working hard every day to boost their savings or who are actively saving for retirement, college, or homeownership. We appreciate legislative efforts to protect retirement savings.”
