ASA Urges Congress to Pass Bipartisan GROWTH Act

WASHINGTON – The American Securities Association (ASA) today joined a coalition of financial and business trade groups in spearheading a letter urging Congress to pass the bipartisan GROWTH Act, which would allow investors to defer and equalize the tax treatment of automatically reinvested capital gains distributions made by mutual funds and ETFs.

"ASA is proud to join leading financial and business coalition partners in support of the bipartisan GROWTH Act because it equalizes the tax treatment of dividends for mutual funds and ETFs, which makes it easier for American working families to save for retirement," said ASA President and CEO Chris Iacovella. "We look forward to working with industry partners and Congress to get this bill to President Trump's desk."

As the coalition wrote in the letter, “under current law, savers face a harmful double-effect…First, they are hit with an annual tax bill they didn’t expect; and second, that tax payment reduces the compounding of their returns over the long run, undercutting the primary benefit of investing.”

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.