ICI to House Committee: Regulated Funds Ready to Power America's Next 250 Years

Washington, DC; June 25, 2026—Investment Company Institute (ICI) Chief Government Affairs and Public Policy Officer Tom Quaadman testified today at a hearing before the House Financial Services Subcommittee on Capital Markets titled “From Wall Street to Main Street: The Future of How America Invests.”

“For more than 100 years, regulated funds and related financial products have powered the American Dream and supported wealth creation across the economic spectrum,” said Quaadman. “ICI has long emphasized how these funds help millions of middle- and lower-income Americans rely on regulated funds and related financial products to achieve their long-term financial goals, such as buying a home, supporting their children, paying for educational opportunities, and ensuring comfort in retirement.”

In his testimony, Quaadman discussed the future of how America invests and identified three policy priorities to help more Americans build wealth and achieve long-term financial security:

• Maintaining and expanding access to the marketplace of regulated funds and related financial products through targeted reforms, investor choice, and innovation. This includes modernizing the regulatory framework of the 1940 Act, passing the GROWTH Act to help mutual fund investors fully benefit from long-term investment growth, ensuring SEC policy continues to reflect growing investor demand for ETFs, and recognizing the continued innovation in the asset management industry.
• Expanding opportunities for funds and their investors through strong public and private markets. Quaadman highlighted the importance of strengthening public markets through initiatives such as SEC Chairman Paul Atkins’ “Make IPOs Great Again” effort, carefully expanding access to private markets for retail investors, and advancing key legislation, including the INVEST Act, FSOC Improvement Act, and Financial Exploitation Prevention Act.
• Preserving and broadening the retirement system for American savers. Regulated funds play a vital role in helping Americans save for retirement, and policymakers have an opportunity to build on the success of the voluntary retirement system through initiatives such as TRUMP Accounts, TrumpIRA.gov, and the Saver’s Match, while preserving individual choice, control, and competition.

“As markets evolve, the regulatory framework must evolve with them,” said ICI President and CEO Eric J. Pan. “The task is not to replace a model that has worked, but to modernize it so more Americans can benefit from investment choice, competition, innovation, and strong investor protections. ICI stands ready to work with Congress and financial regulators to build a more modern, accessible, and resilient regulatory framework for American investors.” 

Read ICI’s full testimony and recommendations here.