A bipartisan resolution recently introduced in the U.S. House of Representatives recognizes the 100th anniversary of mutual funds.
Massachusetts Investors Trust launched the first modern mutual fund was in the United States. It allowed people from all social strata to build financial security through diversified investment opportunities. Congress passed the Investment Company Act and the Investment Advisers Act in 1940 that strengthened and supported mutual funds.
U.S. Reps. Andrew R. Garbarino (R-NY) and Brad Sherman (D-CA) introduced the resolution.
“Mutual funds have made it possible for hardworking Americans to access diversified investment options, giving families a practical way to work toward their financial goals,” Garbarino said. “Over the past century, mutual funds have been instrumental in helping generations of Americans save for retirement, plan for their children’s education, and build wealth over time. As we mark this milestone, we recognize the resilience and stability mutual funds have brought to our financial markets and the enduring trust they continue to earn from investors across the nation.”
“For 100 years, mutual funds have allowed middle class Americans to save for retirement, build generational wealth, and send their kids to college; all while building the American economy,” Sherman said.
The Investment Company Institute applauded the resolution.