U.S. Senate Committee on Banking, Housing and Urban Affairs Ranking Member Elizabeth Warren and Senate Health, Education, Labor and Pensions Committee Ranking Member Bernie Sanders asked Department of Labor officials to explain how the agency is addressing nearly 12,000 potentially fabricated comments supporting a proposed rule that would allow defined contribution plans, including 401(k)s, to invest in alternative assets such as private equity and cryptocurrencies. The senators requested answers by Oct. 8, 2026, including information on whether departmental controls adequately protect the integrity of the rulemaking record. The letter cited reporting that the comments contained identical, unpersonalized text and appeared to manufacture grassroots support. Several purported commenters denied submitting them, while one listed individual had died five months earlier. Warren and Sanders warned that potentially fraudulent submissions could overstate public support for a proposal with consequences for retirement savings.
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member questions nearly 12,000 potentially fabricated retirement plan comments
U.S. senators Elizabeth Warren and Bernie Sanders asked the Department of Labor to address nearly 12,000 potentially fabricated comments supporting alternative asset investments in defined contribution plans. They requested answers by Oct. 8, 2026, on the agency’s response and safeguards for the rulemaking record.