Washington, D.C., March 3, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the introduction of the Protecting Retirement Savers and Everyday Investors Act:

“SIFMA commends the action taken today to protect Americans retirement savings by Congressmen Patrick McHenry (R-NC) and Bill Huizenga (R-MI) with the introduction of the ‘Protecting Retirement Savers and Everyday Investors Act.’  This would block states from imposing financial transactions taxes (FTTs) on certain industry participants, including stock exchanges and broker-dealers, which would be paid by out-of-state investors when the FTT is passed onto them.  SIFMA strongly opposes the imposition of an FTT due to the cost to retirement savers, investors, businesses and the economy.  An FTT is nothing more than a sales tax on investors and it runs counter to many longstanding policies promoting savings and economic growth.  Moreover, in jurisdictions where an FTT has been implemented.  At a time when Americans are not saving enough for retirement, there is no upside to a tax which impacts Americans who are working hard every day to boost their savings or who are actively saving for retirement, college, or homeownership.  We appreciate legislative efforts to protect retirement savings.”

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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.