According to Odaily Planet Daily, Anna Paglia, Chief Business Officer of State Street Bank, plans to promote ETFs into the US 401(k) retirement system. In an interview with Bloomberg TV, Paglia said that State Street Bank is working closely with regulators, investors and plan sponsors to overcome technical and regulatory barriers to allow ETFs to enter 401(k) plans. She believes that ETFs can play an important role in retirement portfolios, although the current 401(k) system relies mainly on mutual funds. Paglia joined State Street Bank in February this year and was previously the global ETF director at Invesco. She firmly believes that the low cost and tax efficiency of ETFs are its advantages, although capital gains taxes do not apply to 401(k)s and intraday liquidity is not necessary in retirement accounts.