Senators Bernie Sanders (D-VT) and Elizabeth Warren (D-Mass.) sent a letter Sunday pushing the Department of Labor to kill a proposed rule that would open 401(k) retirement plans to cryptocurrencies and other alternative assets.
Rule Would Strip Long-Held Investor Protections, Lawmakers Say
The rule originated from a Trump executive order directing the Labor Department to pave the way for alternative assets in retirement plans.
The March proposal outlines steps 401(k) managers should take when incorporating private equity, real estate, and digital assets, creating a safe harbor for fiduciaries who offer those options.
Sanders, Warren, and House Education Committee ranking member Rep. Robert Scott argue that safe harbor removes protections retirement savers have relied on for decades.
“This would strip long-held investor protections from retirement savers and encourage the use of more risky, complex, and expensive investments,” they wrote to Acting Labor Secretary …
