Following the stock market crash of 1929 that presaged the Great Depression, Congress passed a series of acts related to securities and financial regulation.

[2] This same year, what would become ICI was established in New York as the National Committee of Investment Companies, an organization to aid in the administration of the act.

[10][11] It also provides data and commentary to the SEC to advise its regulatory process and submits official comment letters and briefs in response to proposals around new financial regulations as well as legal decisions.

[16][17] ICI lobbies on behalf of investment companies and sometimes advocates directly to the public on issues important to its members.

ICI PAC raised $1,676,728, plus $947,200 more, directly for federal candidates during the 2020 election cycle, supporting the reelection of 222 lawmakers on both sides of the aisle.