Rep. Maxine Waters filed an 11-page comment letter with the Department of Labor this week demanding the agency withdraw its proposed rule that would let 401(k) plan managers offer cryptocurrency and other alternative investments to American workers. The California Democrat, who ranks as the senior minority member on the House Financial Services Committee, called the proposal “incoherent”, and timed her objection for maximum political leverage.
The rule Waters wants killed traces back to a presidential executive order. President Trump directed his administration to open government-structured retirement accounts to alternative asset classes, giving ordinary savers access to the same kinds of investments, private equity, private credit, real estate, commodities, and digital assets, that wealthier investors have long used. The Department of Labor followed through in March 2026 with a formal proposed rule to carry out that directive. The rule has not yet been finalized.
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