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Monday, July 8, 2002

ICI Joins Reform Chorus

by: Tony Pennino

The number of accounting and auditing scandals seems to be growing daily. Now, the Investment Company Institute (ICI) has added its voice to growing chorus calling for reform.

Matthew Fink, president of ICI, has written a letter to Senators Tom Daschle (D-SD), the majority leader, and Trent Lott (R-MS), the minority leader. In that letter, he asks the Senate to support reform legislation, particularly a bill now be reviewed by the Banking Committee.

"We believe it is important to focus on the overriding importance of reinforcing confidence in the financial reporting system for publicly held companies. Today, the need for middle-income families to save and invest is more important than ever. In the absence of a coherent legislative and regulatory response, revelations about shortcomings in the nationís financial reporting system could erode confidence in investing as a prudent means to achieve long-term savings and investing goals," Fink writes.

For the full text of the letter, follow this link

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