Maxine Waters pushes DOL to withdraw 401(k) rule that could add crypto and private-market assets
democrats-financialservices.house.gov •
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Promote with Leviathan NewsHouse Financial Services ranking Democrat Maxine Waters urged Acting Labor Secretary Keith Sonderling to withdraw DOL’s proposed fiduciary rule, saying it would let 401(k) plans steer workers into private equity, private credit, digital assets, real estate, commodities and other opaque alternatives. Her letter argues the proposal exposes retirement savers to higher fees, weak transparency and liquidity risk before digital-asset investor protections are finished, while also raising conflict-of-interest concerns around the rule’s development. The crypto angle is political more than technical: Waters is framing 401(k) access as Wall Street risk transfer, not retirement modernization.
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