Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued a statement opposing the Department of Labor’s proposed rule that she said would expose Americans’ retirement accounts, including 401(k) plans, to private markets and cryptocurrencies. Warren argued the proposal would push “risky assets” into retirement savings at a time when she cited emerging cracks in the private credit market, private equity returns falling to 16-year lows, and declining crypto prices. She said the change would raise concerns about the security of retirement savings and benefit Wall Street, calling on those focused on workers’ financial security to oppose the proposed rule.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-03-30
U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Warren urges opposition to Department of Labor proposal to allow private markets and cryptocurrencies in 401(k)s
Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued a statement opposing the U.S. Department of Labor’s proposed rule to allow greater exposure of retirement accounts, including 401(k)s, to private markets and cryptocurrencies. She argued the proposal would push risky assets into retirement savings amid weakness in private credit, 16-year low private equity returns, and declining crypto prices, jeopardizing retirement security while benefiting Wall Street.