Lawmakers Seek Probe of 401(k) Rule Comments Backing Alternative Assets by the Thousands
Updated
Updated · Bloomberg · Sep 18
Lawmakers Seek Probe of 401(k) Rule Comments Backing Alternative Assets by the Thousands
1 articles · Updated · Bloomberg · Sep 18
Summary
An immediate federal investigation was requested into thousands of public comments supporting a Trump administration proposal to widen 401(k) access to private equity, crypto and other alternative investments.
Concerns center on whether those supportive comments were authentic, prompting lawmakers to ask Attorney General Todd Blanche and FBI Director Kash Patel to examine the submissions.
Bobby Scott, Jamie Raskin and Bernie Sanders led the request, bringing in senior Democrats from House committees overseeing the Labor and Justice departments alongside a Senate ally.
The push adds scrutiny to a retirement-plan rulemaking that could steer more 401(k) savings toward higher-risk, less traditional assets if the administration moves ahead.