The Trump administration has taken its first official step to open Americans’ savings pots to private equity, cryptocurrencies and other alternative investments.
The US labour department on Tuesday rescinded 2021 guidance issued under the Biden administration that had chilled would-be investing by 401k plan sponsors in the leveraged buyout industry.
The move is a critical step in President Donald Trump’s push to open 401ks — a popular type of US retirement savings accounts — to private investment firms who see the system as a crucial market to draw in assets, particularly as large pensions and endowments pull back.
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