The incredible Iowa State Fair celebrates its 170th birthday this year. The granddaddy of all state fairs has been in Des Moines since 1879.
It wouldn’t surprise me if life insurers were among the first exhibitors at the Fair. After all, life insurers have been providing financial protection to American families for more than 175 years.
It also doesn’t surprise me that the U.S. House Ways and Means Committee will be discussing tax policy during a field hearing at the Fair this year. The Ways and Means Committee is the chief tax-writing committee in the House, and its decisions affect the financial wellbeing of families and businesses across the nation.
As an Iowa native, I know there is no better place to talk about families and businesses than at the Iowa State Fair. More than 1 million people attend the fair each year. Generations of families plan and prepare to enjoy it together, whether for a day or in a camper for the week. It is an experience like none other, and a magnificent demonstration of community.
Life insurers have deep-rooted connections in communities in Iowa and across the nation. Life insurance agents are hard at work on Main Street USA, providing guidance and support to employers, workers and families seeking financial certainty. They live in the same neighborhoods, support the same teams, and their kids go to the same schools.
At the same time, life insurance companies serve as a vital source of investment capital in Iowa and in all 50 states. Life insurers have invested $65 billion in Iowa’s economy with agricultural loans, education bonds, retail mortgages and more. Nationwide, our industry has invested $7.5 trillion in America’s economy, fueling economic and job growth across the country. This is long-term, durable financing that businesses and state and local governments can count on.
We appreciate the Ways and Means Committee’s initiative to come to the Iowa State Fair. As Congress continues to look at tax policy, the life insurance industry is ready to work with policymakers to ensure that the tax code supports American families and communities in Iowa and all 50 states.
Susan K. Neely was President and CEO of the American Council of Life Insurers (ACLI), the nation’s leading trade association determined to help families live better lives by achieving financial security and certainty. As president and CEO, Neely drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.
