Our dedicated and engaged members have accomplished so much over the years. Yet many of our successes require the support of key lawmakers who understand the challenges and needs facing our industry and Main Street American investors.
Since 2020, we have honored legislators who have demonstrated an unwavering commitment to ensuring investors can access affordable, professional financial advice. This year, we are proud to recognize U.S. Sens. Todd Young of Indiana and Mark Warner of Virginia as recipients of the 2022 Congressional Champions for Main Street Award.
“With market volatility, continued inflation and rising interest rates impacting household budgets and savings and altering financial plans, hard-working Americans need objective, professional financial advice to navigate this new economic landscape,” said Dale Brown, FSI President and CEO. “Sens. Young and Warner have played integral roles in advancing legislation that strengthens Main Street Americans’ ability to save for retirement and work with the trusted financial advisor of their choice to achieve their financial goals.”
Sen. Warner is no stranger to FSI. He’s attended our Capitol Hill Days, and his staff met with us in August to discuss retirement legislation and the importance of our members maintaining their independent contractor status.
“I am proud to be honored as one of the Financial Services Institute’s 2022 Congressional Champions, ” Sen. Warner said. “Before the economic crisis caused by the pandemic, Americans were already struggling to save for retirement. Now, there are even more financial challenges facing our workforce as more Americans are likely to change jobs and be engaged in non-traditional forms of work than they were a generation ago. Providing more workers access to flexible, portable benefits such as retirement savings they can carry with them from employer to employer will continue be essential and I look forward to continuing to find ways to provide workers with the support and benefits they deserve.”
He has also supported legislation to ensure Americans have access to retirement savings options. As a member of the Senate Committee on Finance, Sen. Warner proposed a measure that would help retired first responders gain access to affordable healthcare. (He is also a member of the Senate Committee on Banking, Housing and Urban Affairs.)
Sen. Warner also introduced the Portable Retirement and Investment Account (PRIA) Act of 2021 to provide American workers with universal, portable retirement and investment accounts they can use if they switch to part-time work or join a company without retirement benefits.
Meanwhile, Sen. Young has been an equally reliable partner. Along with U.S. Sen. Cory Booker of New Jersey, he introduced the Emergency Savings Act of 2022. With the aim to help Americans take care of unexpected expenses without having to tap retirement accounts.
“In the Senate, one of my top priorities has been protecting and improving the financial future of hard-working Hoosiers and all Americans. One way to achieve this is by passing my Emergency Savings Act to create stable emergency savings for unforeseen expenses, while keeping retirement accounts intact for the future,” Sen. Young said. “Another way Congress is working on this issue is by supporting families of special needs individuals in their retirement planning through my Special Needs Trust Improvement Act. I’m honored to receive this year’s Congressional Champion for Main Street Award, and I will continue to work every day to make Main Street America proud.”
He also worked with U.S. Sen. Maggie Hassan of New Hampshire to introduce the Special Needs Trust Improvement Act of 2022 to give families greater flexibility in choosing the remainder beneficiary of trusts established for individuals with disabilities or chronic illness.
Last year, Sen. Young participated in a virtual roundtable with FSI members. More recently, he met with our Board of Directors during an event in Washington, D.C., and his office worked closely with us on a letter supporting the aforementioned Emergency Savings Act.
Brown added, “On behalf of our members across the country, we thank Sens. Young and Warner for their consistent dedication to representing the needs of Main Street American investors and the independent financial services industry. We look forward to continuing to work with them to promote this vital cause.”
Previous Congressional Champions for Main Street: U.S. Sens. Chuck Grassley (IA) and Tim Scott (SC); U.S. Reps. Joyce Beatty (OH-03), Madeleine Dean (PA-04), Richard Neal (MA-01) and Ann Wagner (MO-02).