The U.S. Securities Industry Association claims that the securities industry continues as the key driver of the American economy, raising more than US$117 billion in capital in the second quarter of 2004.

The SIA says that the securities industry raised more than US$41.3 billion in equity and US$76.1 billion in debt in 41 states and the District of Columbia in the second quarter, according to the latest edition of the SIA’s Capital Alert report.

The report, which was sent to Congress this week, provides data on capital raised by equity and debt issues on a state-by-state basis.

In a letter to members of Congress, SIA president Marc Lackritz wrote, “Through our equity and debt markets, the securities industry raises money from institutional and individual investors and puts those funds to work. As a result, new technologies emerge, companies offer innovative products and services, more jobs become available, and productivity rises. All of these contribute to economic growth.”