WASHINGTON, D.C. — As President Donald J. Trump’s administration continues to advance policy reform to expand financial security for Americans, Independent Women’s Center for Economic Opportunity issued the following statement in support of the Trump administration’s new 401(k) rule. The Department of Labor rule is a major reform that will open up new investment opportunities for Americans:
Carrie Sheffield, director of the Center for AI and Technology at Independent Women, said:
“The Trump administration has delivered a big win for women and all private sector workers by expanding retirement investment opportunities for everyday Americans. We applaud the Department of Labor for introducing investment options that previously were allowed only for wealthy investors or public sector employees.
“Strengthening retirement security is of great importance. Women live longer than men and must plan, on average, for three to six more years of retirement.
“Access to private equity has historically been the exclusive domain of wealthy individuals and institutional investors. By opening this asset class to the millions of Americans saving for retirement through 401(k) plans, this proposed rule takes a meaningful step toward democratizing wealth-building opportunities. Workers should not be relegated to lower-returning investment options simply because they do not meet accredited investor thresholds.
“This rule is also consistent with sound ERISA principles. Diversification across asset classes—including alternatives like private equity—is a well-established principle of prudent investment management. Institutional investors, including public pension funds, have long recognized this. The proposed rule would simply extend the same logic to private-sector retirement savers.
“The Department of Labor’s proposed rule implementing the Executive Order on 401(k) access to private equity is a sound, pro-worker policy that will help close the retirement savings gap between public and private sector employees, improve long-term returns for ordinary Americans, and democratize access to one of the most powerful wealth-building tools available.
“We look forward to amplifying the voices of those in support of this rule and working with the Department of Labor to see this rule enacted.”
See more below from the Center for Economic Opportunity on how 401(k) and tax reforms will impact American workers:
- Independent Women’s Comment Drive: Support 401K Freedom for Working Americans
- President Trump Continues Bringing Equal Opportunity to Main Street With Private Equity 401(k)s
- Our 401(k)s Plummeted Nearly 25% in Value Since Biden Took Office
- Takeaways: Restoring and Expanding Tax Reforms to Empower Women and Families
- ‘Trump Accounts’: A Bold Investment in America’s Future
- 60 Seconds: 401(k) Private Equity
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