Washington Reporter: Lori Chavez-DeRemer's transformational retirement savings proposed rule praised by Congress

The Department of Labor (DOL) announced progress on a transformational rule that will allow Americans to save part of their retirements in alternative assets like crypto, while also including safe harbor protections to ensure retirement accounts are secured for seniors.

The Department announced an Advisory Opinion that gives clarity to stakeholders about how DOL will implement the rule, which is further progress to implementing President Donald Trump’s August 7 executive order “Democraticizing Access to Alternative Assets for 401(K) Investors.”

Secretary Chavez-DeRemer’s move has received widespread support from Republicans in Congress. The top Republicans on the Committee on Education and Workforce, who served with Secretary of Labor Lori Chavez-DeRemer while she was in Congress, explained to the Washington Reporter why her move is so important.

Rep. Tim Walberg (R., Mich.), the Chairman of the Ed and Workforce Committee, told the Reporter that “expanding investment options for 401(k) plans will help more Americans retire with a reliable income.”

“The Trump administration,” Walberg added, “is modernizing retirement plans to reflect the wider range of ways Americans can invest and grow their savings. That’s a win not only for workers, but for the long-term strength of our economy.”

Rep. Burgess Owens (R., Utah), the Vice Chairman of the committee, added to the Reporter that Chavez-DeRemer’s new policy “is great news for America’s workers.”

“President Trump promised to strengthen retirement security for hardworking Americans, and his Department of Labor is delivering by giving families more choices to grow their savings and prepare for retirement,” Owens continued.

Rep. Ryan Mackenzie (R., Pa.), the Chairman of the Workforce Protections Subcommittee on Ed and Workforce, added to the Reporter that “increasing the number of investment options can create new opportunities for Americans as they plan for retirement. It’s also important that investments be carefully considered.”

“Those planning for retirement should consider consulting with a financial advisor prior to making major investing decisions,” Mackenzie added.

Chavez-DeRemer’s moves are also popular across the Hill. One Senate GOP source told the Reporter that the “Trump-proposed rule to expand 401(k) plans is one of the smartest political and policy moves we’ve seen from the administration. It’s a bipartisan winner, it’s good for seniors, it’s good for the economy, and it includes smart safe harbor protections to stop the parasitic ambulance-chasing plaintiffs lawyers from bankrupting seniors’ retirement plans. What a great win for Secretary Chavez-DeRemer to deliver for America.”

A poll from BlackRock suggests overwhelming support for opening up retirement accounts to alternative investments, with two-thirds of all Americans supporting President Trump’s initiative, and even higher support from Republicans.

Some Congressional Democrats have criticized President Trump’s initiative to offer seniors more opportunities to invest in alternative assets, including Sen. Elizabeth Warren (D., Mass.), who called the proposed rule a “rotten deal.” A Congressional source quipped to the Reporter that “of course Senator Warren opposes this rule — she has been paid millions of dollars from trial lawyers. She cares more about enriching her plaintiff attorney friends and making sure John Morgan can buy more private jets than helping seniors save for retirement.”

Because as Deputy Labor Secretary Keith Sonderling explained, “this Advisory Opinion provides much-needed clarity and certainty to stakeholders. As the department works toward issuing proposed regulations, we remain committed to considering ways to facilitate access to investments in alternative assets.”