ASA Welcomes Senate Bill to Increase Investment Choices for Retirement Savers

WASHINGTON, D.C. – Today, the American Securities Association (ASA) applauded U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) and Senator Tim Scott (R-SC) for introducing the Retirement Savings Modernization Act, which allows American retirement savers to invest in a wider spectrum of financial assets.

“We support Senators Toomey and Scott's bill to expand the choice retirement savers have to invest in a broader, more diverse set of asset classes,” ASA CEO Chris Iacovella said. “And while ASA supports this legislation, we think it should go further to clearly state that fiduciaries have a duty to make investment decisions that maximize the pecuniary value of retirement plans on behalf of their beneficiaries.”

ASA is committed to helping Americans prepare for retirement. ASA consistently engages with regulators and policymakers to encourage solutions to strengthen the current retirement system, protect retirement savers and expand savings opportunities for all Americans.

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