Firms unite for social security reform

TACOMA, WA: To communicate their message that the current social

security system is unsustainable, at least seven financial services and

money management companies have formed the Coalition for American

Financial Security.

Led by the Frank Russell Company (FRC) in Tacoma, WA - the creator of

the Russell 2000 stock index for small-cap companies - the coalition is

represented by the Petrizzo Group, the FRC's government relations and

communications firm.

Petrizzo VP Kara Kennedy said she has planned a series of town hall

meetings in undisclosed cities around the country. She said the goal of

the meetings is public education and a discussion of reform options. She

will also organize a forum series on Capitol Hill with members of


"We plan to issue press releases and do grassroots outreach," said


"We are working to advance the cause of social security reform."

Don Ezra, director of strategic advice for FRC, is the chairman of the

coalition. Member companies include State Street Global Advisors, UBS

Asset Management, Mellon Institutional Asset Management, Caterpillar,

Watson Wyatt Worldwide and the American Shareholders Association.

Earlier this month, the coalition held a strategy meeting in Washington,

DC, with key congressional and administration leaders on social security

reform. The coalition also met with financial industry executives in New

York. Treasury Secretary Paul O'Neill was the keynote speaker for the


"We want to advance the dialogue for reform," said Kennedy. "Our members

offer special expertise on different reform proposals, but we advocate

no one solution."

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