FSI Names Senators Susan Collins, Bill Hagerty and Jon Tester as Congressional Champions for Main Street 

February 13, 2024

Lawmakers from Each Party Recognized for their Dedication to Preserving Americans’ Access to Affordable, Professional Financial Advice and Enhancing Financial Literacy 

Washington, D.C. – Today, the Financial Services Institute (FSI), the leading advocacy organization for the independent financial services industry, announced Senators Susan Collins (R-ME), Bill Hagerty (R-TN) and Jon Tester (D-MT) as recipients of its Congressional Champions for Main Street Award, recognizing the senators’ continued commitment to advancing the interests of Main Street American investors. 

In its fourth year, FSI’s award honors lawmakers for their defense of Main Street investors’ access to affordable, professional financial advice, products and services. 

FSI’s President & CEO, Dale Brown, said, “We are pleased to recognize Senators Collins, Hagerty and Tester as this year’s Congressional Champions for Main Street. More than ever before, Americans rely on objective and professional financial advice. These Senators have fought tirelessly to ensure that hard-working Americans have access to trusted financial professionals who can help them achieve their financial goals, such as a home, their children’s education and a financially-secure retirement. We appreciate these Senators’ contributions to Main Street Americans and the independent financial services industry over the past year.”  

Senator Susan Collins 

Senator Collins serves on the Senate Committee on Health, Education, Labor and Pensions (HELP). She continued her commitment to vulnerable adults and financial protection by serving as a co-sponsor of the Financial Exploitation Prevention Act of 2023. Senator Collins pledged her support for the bill and signed on as a co-sponsor. She is an outspoken supporter of independent financial advisors’ independent contractor status.  

“It is an honor to be named one of the Financial Services Institute’s Congressional Champions for Main Street,” said Senator Collins. “I have long been committed to strengthening the financial advice being given on Main Streets throughout Maine. In my previous role as Chairman of the Senate Aging committee, and in my current role on the Senate HELP Committee, I have been proud to sponsor legislation that promotes financial education, protection, and planning, while safeguarding vulnerable adults. These efforts ensure that top-quality financial advice remains available to everyday consumers and small businesses, which are the lifeline of local economies in Maine and across the country.” 

Senator Bill Hagerty 

Senator Hagerty was the original sponsor of the Financial Exploitation Prevention Act of 2023, which provides financial advisors, who are often the first line of defense against financial abuse, the ability to postpone transactions if exploitation or fraud is suspected. Senator Hagerty, who serves on the Senate Committee on Banking, Housing, and Urban Affairs, is also a strong supporter of independent financial advisors’ independent contractor status. 

“I am truly honored to be recognized as a Congressional Champion for Main Street investors,” said Senator Hagerty. “Financial policymaking is not just about big banks. Our nation’s financial system supports all aspects of Americans’ lives, and it is in everyone’s best interest to advance policies that improve both America’s economy and the lives of individuals. I’m pleased to receive this award and will continue working to enact policies that reflect my commitment to bringing economic prosperity to Main Street.” 

Senator Jon Tester 

A member of the Senate Committee on Banking, Housing and Urban Affairs, Senator Tester is dedicated to protecting vulnerable adults from financial exploitation and a staunch advocate of independent advisors’ ability to choose to operate as independent contractors. He is an original co-sponsor of the Financial Exploitation Prevention Act of 2023.  

“I’m honored to receive this year’s Congressional Champion for Main Street Award from the Financial Services Institute,” said Senator Tester. “At a time when working families across the Treasure State are dealing with higher costs, from groceries to housing, I’ll keep working to make sure Montana’s Main Street businesses are on the strongest possible footing.” 

Brown concluded, “On behalf of our members across the country, we thank Senators Collins, Hagerty and Tester for their consistent dedication to representing the needs of Main Street American investors. We look forward to continuing to work with them to promote this vital cause.”