Patrick J. Tiberi: “Madam Speaker, as was just said, regulated investment companies, better known as mutual funds to most Americans and to…”

“Madam Speaker, as was just said, regulated investment companies, better known as mutual funds to most Americans and to us, are intended to provide individual investors the ability to invest easily and with low cost in a diversified pool of professionally managed investments, and they have worked. In fact, according to the Investment Company Institute, the largest trade association for mutual funds, as Chairman Neal said, more than 50 million American families currently invest in mutual funds. Most of the current laws that mutual funds have to deal with have not been comprehensively updated for more than two decades. In fact, H.R. 4337 would modify and update certain technical tax rules pertaining to mutual funds. These changes will allow mutual funds to better conform to and interact with other aspects of the Tax Code and security laws. As Chairman Neal said, we had a wonderful hearing where every single person who testified agreed to the changes in the underlying piece of legislation.”