Political Quotes

“The bill before us right now makes important changes to the tax law rules that relate, as Mr. Neal and Mr. Tiberi said, to regulated investment companies, more commonly known as mutual funds. They were described 80 years ago in testimony before the Ways and Means Committee as, ``A group of small investors who have banded together for the purpose of obtaining diversity and supervision through the medium of pooling their investments.'' While mutual funds continue to serve this important role, the tax rules that govern mutual funds have not been updated in over 20 years. In June of this year, the Select Revenue Measures Subcommittee, chaired by Mr. Neal, heard testimony from a variety of industry experts stressing the importance of modifying our Nation's tax laws to ensure that the technical tax rules pertaining to mutual funds would better interact with other tax rules. The Ways and Means Committee and the Congress have an obligation to ensure that our tax rules keep up with the times, so the bill before us would update and simplify the rules that apply to mutual funds to ensure that small investors are not disadvantaged simply because they band their investments together through a mutual fund rather than investing directly. The bill enjoys strong bipartisan support. It passed the House by voice vote earlier this year and just last week was amended to pass the Senate by unanimous consent.”