Sen. Daniel Patrick Moynihan. DN.Y., and Howard Stein, chairman of the Dreyfus Corp., have been awarded Distinguished Public Service awards by the Public Securities Association.
Moynihan, the senior senator from New York, is chairman of the Senate Finance Committee. The senator was considered a major force in the formulation and passage of the Tax Reform Act of 1986 and the Omnibus Budget Reconciliation Act of 1993.
The 1993 budget act included more than $500 billion in deficit reductions and spending cuts. permanent extension of numerous programs related to public finance, student loan reforms, and important infrastructure initiatives, the PSA said.
The association also cited Moynihan's efforts to repeal restrictions on the financial flexibility of nonprofit organizations, as well as a study he commissioned of the nation's infrastructure needs, and his Intermodal Surface Transportation Efficiency Act of 1991. The act established highway trust funds to increase state control over the allocation of federal highway funds.
Stein, chairman of the board and chief executive officer of Dreyfus, was honored for his work in the marketing and development of mutual funds. The executive is considered a pioneer in the marketing of mutual funds to individual investors. This has in turn expanded securities markets, particularly for fixed-income investments, the PSA said.
The executive has worked for Dreyfus since the early 1950s. Dreyfus was instrumental in persuading Congress to amend the tax code, enabling mutual funds to transfer taxexempt municipal bond income to shareholders, PSA said. Dreyfus was then the first to offer an incorporated tax-free municipal bond fund for individual investors.