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January 16, 2019

John Bogle: A Tireless Advocate for the Small Investor and the Conscience of the Financial Industry

FOR IMMEDIATE RELEASE
Wednesday, January 16, 2019
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

JOHN BOGLE: A TIRELESS ADVOCATE FOR THE SMALL INVESTOR AND THE CONSCIENCE OF THE FINANCIAL INDUSTRY 

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the passing of John C. Bogle, the founder and former chairman of the Vanguard Group:

“John (Jack) Bogle’s enduring legacy will not be a vast fortune, multiple houses, an art collection, a personal plane, his name on university buildings purchased with outsized contributions, or any such tawdry and temporary markers of worth.  It will be his innovative index funds and tireless effort to make it easy and low-cost for tens of millions of hardworking Americans to invest in the stock market and achieve the American Dream.

“As the founder and longtime chairman of the Vanguard Group, Jack was a pioneer in creating low-cost, low fee mutual funds tied to market indexes.  Freeing everyday Americans from relentless and usually empty broker sales pitches, he enabled tens of millions of people to get the benefit of compound returns while avoiding the tyranny of fees.  That allowed investors to build wealth, buy a home, send a child to college, and to enjoy a safe and secure retirement.

“He was also the conscience of the financial industry because of his steadfast belief that the industry had a special duty to be stewards of their clients’ money.  To that end, he believed that the clients’ interests must be first, evidenced by his support of the fiduciary duty rule.  Putting the client first was his guiding principal.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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