WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following statement on President Joe Biden’s infrastructure proposal:
“We believe the nation’s infrastructure is key to restoring and rebuilding our economy for all Americans.
“We support policy initiatives that focus on broad economic growth, as well as investments at the local level, including underserved communities, through direct payment bonds. We also support the effort to address affordable housing needs through the Low-Income Housing Tax Credit (LIHTC) program. We invested more than $5 billion in 2019 in the LIHTC program. Investments like this help us keep our long-term guaranteed promises to our consumers and will continue to help with the nation’s economic recovery.
“We’ve been part of American life for generations, providing good jobs for workers and the long-term investment capital necessary for infrastructure and economic growth. Life insurers have invested $6.9 trillion in the U.S. economy overall. This includes more than one-third of the 2009 Build America Bonds which allowed state and local governments to finance more than $150 billion of infrastructure investment.
“As investors who will play a critical role in the recovery ahead and as financial security providers to families, we believe a bipartisan approach to an infrastructure policy will be an important step in the nation’s economic recovery.
“We look forward to fully reviewing the proposal and contributing to the national discussion on rebuilding the nation’s economy in all communities and helping families financially.”
The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 95 percent of industry assets in the United States.