Washington, D.C., December 22, 2022– SIFMA issued the following statement from President and CEO Kenneth E. Bentsen, Jr. on retirement legislation that passed the Senate today as part of the omnibus spending package, which will soon be voted on in the House:

“The American retirement system has helped millions of Americans prepare for a secure future, and the private sector has played an important role in providing and administering retirement plans. The legislation passed today takes important steps toward enhancing the private retirement system and increasing retirement savings, including provisions that will incentivize small businesses to offer retirement plans, enable older Americans to save more and hold on to their savings longer, and help young people to save while paying off student loan debt. We commend Rep. Richard Neal (D-MA), Rep. Kevin Brady (R-TX), Sen. Ron Wyden (D-OR), Sen. Mike Crapo (R-ID), Sen. Ben Cardin (D-MD), Sen. Rob Portman (R-OH) and their staffs for their long-standing commitment to improving retirement security for all Americans and for their work on this important legislation.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.