Washington, D.C. – On Monday, the Department of Labor (DOL) announced a proposed rule that paves the way for tens of millions of Americans with 401(k) plans to invest in private markets, including private equity and private credit, to strengthen and secure their retirements.
The American Investment Council supports expanding access to private investments, allowing everyday savers to benefit from more choice, diversification, and greater control over their retirement savings.
Lawmakers, industry leaders, and taxpayer advocates expressed support for ensuring all Americans are able to access the benefits of private markets. Here’s what they are saying:
Trump Administration Policymakers
- Lori Chavez-DeRemer, US Secretary of Labor, said: “We have issued a notice of a proposed rulemaking on the selection of investment options for defined-contribution plans such as 401(k)s. Our rule confirms that there is no investment class or strategy that is per se unlawful for retirement plans. That includes alternative investments, such as private equity, which isn’t offered on public exchanges and could be used to diversify plan offerings.“
- Scott Bessent, US Secretary of the Treasury, said: “The Treasury Department is proud of this rulemaking effort, which is another step in ushering in President Trump’s Golden Age. This proposed rule is an initial step in implementing the President’s Executive Order in a safe and smart manner, broadening access to additional retirement plan options for millions of Americans while being mindful of the importance of protecting retirement assets.”
- Paul Atkins, Chairman of the Securities and Exchange Commission, said: “Americans’ ability to participate more fully in innovation and economic growth through well-diversified long-term investments is a vitally important priority for effective retirement planning. The Securities and Exchange Commission is pleased to have joined our colleagues at the Department of Labor to help formulate this proposal for these long-overdue improvements.”
Members of Congress
- Senator Bill Hagerty (R-TN) said: “Americans should be able to decide how to invest for their retirement. Expanding choice and diversification unlocks the full strength of U.S. capital markets for our workers and puts them on a path to build long-term wealth.”
- Senator Tim Scott (R-SC), Chairman of the Senate Banking Committee, said: “Every American deserves a fair shot to build financial security. Today’s @USDOL proposal helps expand 401(k) investment options so workers, including families across South Carolina, have more opportunities to grow their retirement savings.”
- Rep. Steve Scalise (R-LA), House Majority Leader, said: “For too long, retirement savers were boxed into basic options — while top-tier investments were out of reach. That ends now. @POTUS is cutting red tape, expanding opportunity and giving working Americans a real shot to build more wealth.”
- Rep. Tom Emmer (R-MN), House Majority Whip, said: “Whether through private markets or digital assets, retirement savers deserve greater control over their financial future. @USDOL’s rule is a step in the right direction to expand investment opportunities for every American!”
- Senator Cynthia Lummis (R-WY) said: “President Trump is delivering once again for the American people. This landmark rule tears down the bureaucratic barriers that blocked hardworking Americans from building real wealth in their retirement accounts, and it finally puts digital assets on equal footing with every other asset class. For years, Washington picked winners and losers and shut everyday investors out of the most dynamic and innovative corner of the financial markets. Today, that era is over.”
- Senator Steve Daines (R-MT) said: “Today’s rule from @USDOL is a win for American workers and retirees. Expanding access to alternative investments like crypto & private equity will level the playing field for millions of Americans & help unlock financial freedom for retirement.”
- Senator Mike Crapo (R-ID) said: “I have long championed policies that would allow Idahoans to secure and enjoy retirement. @USDOL’s efforts to expand retirement investment options through increased options build upon years of bipartisan work to strengthen and improve workers’ long-term financial well-being.”
- House Committee on Financial Services Republicans said: “The Committee applauds @USDOL for issuing a proposed rule to expand private market investment options in 401(k) plans. More choice means more opportunity to build long-term financial security.”
- Rep. Tim Walberg (R-MI), Chairman of the House Education and Workforce Committee, said: “Workers should be able to retire with sustainable and comfortable life savings, not endless worry and instability. This means giving employees the resources they need to achieve their savings goals. I applaud the Trump administration for modernizing retirement plans to reflect the wider range of ways Americans can invest and grow their savings.”
- Rep. Frank Lucas (R-OK) said:“I thank @POTUS and @SecretaryLCD for their leadership in expanding workers’ retirement options. This rule by @USDOL will allow hard-working Americans to maximize their retirement fund’s potential and bring financial opportunity to families all across the country.”
- Rep. William Timmons (R-SC) said: “Americans should be able to invest for retirement in a way that works for them. Thank you @SecretaryLCD and @USDOL for expanding those options.”
- Rep. Troy Downing (R-MT) said: “Alternative investments hold the potential to supercharge the financial security of countless Americans saving for retirement. I applaud @USDOL for following @POTUS’s leadership and urge Congress to pick up the baton by passing my Retirement Investment Choice Act.”
- Rep. Ann Wagner (R-MO) said: “I applaud the Department of Labor’s proposed rule to expand 401(k) access to alternative assets. This is an important step, giving millions of retirement savers better tools to grow their nest eggs and secure a comfortable retirement.”
- Rep. Scott Fitzgerald (R-WI) said: “Thank you @USDOL for issuing the new 401(k) rule, expanding investment options for hardworking Americans saving for retirement. For decades, private investments have offered consistent returns and diversification for public pension funds. These advantages should also be available to everyday savers. The proposed rule would give millions of workers with 401(k)s more control over their financial future.”
- Rep. Rick Allen (R-GA) said: “I applaud this proposed rule from @USDOL, which will provide increased flexibility and options for workers, retirees, and families. This rule will help ensure managers of 401(k) plans make sound financial decisions based on today’s modern, diversified investment landscape – allowing more Americans to enjoy a secure retirement.”
Taxpayer & Consumer Advocates
- Americans for Tax Reform said:“Aside from the diversification benefits of including private equity options, private equity generally yields better returns…By providing a clear, process-based standard for plan fiduciaries, the DoL will incentivize fiduciaries to open investment options for future retirees without inviting unwarranted litigation. The rule is a win for 401(k) contributors, the free market, and a blow for trial lawyers whose livelihoods depend on exploiting good-faith actors.”
- Eric Ventimiglia, Executive Director of the Pinpoint Policy Institute, said: “For too long, everyday Americans have been shut out of private market investments that wealthy and pension fund investors have utilized to diversify their portfolios and drive returns. The Department’s proposed rule presents a clear and compelling roadmap for leveling the playing field for all investors, limiting the threat of trial lawyer lawfare, and putting the interests of American workers and retirees first.”
- Ross Marchand, Policy Director of the Taxpayers Protection Alliance, said: “Fortunately, the DOL is easing these legal concerns with new rulemaking blessing 401(k) investments into private equity. This laudable change gives workers more options than ever to save for the future. The Trump administration and DOL deserve praise for giving Americans the freedom and flexibility they need during uncertain times.”
- Consumer Action for a Strong Economy (CASE) said: “We applaud @POTUS and @USDOL for proposing a rule that will strengthen the US retirement system. Americans deserve equal opportunity to invest in their retirement. This initiative will help bolster the economy for years to come.”
- Carrie Sheffield, director of the Center for AI and Technology at Independent Women, said: “Strengthening retirement security is of great importance. Women live longer than men and must plan, on average, for three to six more years of retirement… “The Department of Labor’s proposed rule implementing the Executive Order on 401(k) access to private equity is a sound, pro-worker policy that will help close the retirement savings gap between public and private sector employees, improve long-term returns for ordinary Americans, and democratize access to one of the most powerful wealth-building tools available.”
- Karen Kerrigan, President & CEO, Small Business & Entrepreneurship Council (SBE Council), said: “Expanding access to a broader range of asset classes will not only strengthen retirement security through improved diversification and long-term returns, but it will also deliver meaningful economic benefits. Increased participation in these markets will boost capital formation for startups and small businesses that rely on private investment to launch, scale, and innovate.”
- National Taxpayers Union said:“Today’s @USDOL’s announcement is great news for taxpayers & savers! It protects retirement savings, expands access to diversified investments, & reins in regulatory overreach by clarifying how 401(k) managers can consider alternative assets while creating safe harbors for fiduciaries. A step in the right direction for taxpayers &retirees alike!”
- 60 Plus Association said: “Thank you @POTUS and @USDOL for this proposed rule that puts American workers saving for retirement first. Employees need to feel comfortable and secure when they retire, and this rule enables just that.”
- Committee to Unleash Prosperity said: “These asset classes have long been favored by major institutional investors because they offer high returns, but have been inaccessible to most Americans. Now they may become available to 90 million Americans with 401(k) accounts and that means higher retirement income.”
- Southwest Public Policy Institute said: Thank you, @POTUS and @USDOL, for modernizing 401(k) plans and stemming the tide of trial attorneys who are blocking Americans from choice and access. This rule is a huge benefit for retirement savers and should be finalized as quickly as possible.”
To learn more about how the proposed rule will expand Americans’ options to strengthen and secure their retirements, visit investmentcouncil.org/401k.
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