Washington, D.C., June 22, 2022– SIFMA issued the following statement from President and CEO Kenneth E. Bentsen, Jr. on the Enhancing American Retirement Now (EARN) Act, which passed out of the Senate Finance Committee today:

“The American retirement system has helped millions of Americans prepare for a secure future, and the financial services industry has played an important role in providing and administering retirement plans. SIFMA believes the EARN Act 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.”

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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 one million employees, we advocate on 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).