The order instructs the Secretary of Labor to reexamine and clarify fiduciary guidance concerning alternative asset investments within ERISA-governed defined-contribution plans. It also directs the Labor Department to consult with the Treasury Department and the Securities and Exchange Commission (SEC) on potential parallel regulatory changes.

Furthermore, the SEC is instructed to revise regulations facilitating access to alternative assets for participant-directed plans. Trump stated the action aims to give American workers “more investment options in order to attain stronger and more financially secure retirement outcomes.” The fact sheet argues that alternative assets, such as private equity, real estate, and digital assets, offer competitive returns and diversification benefits currently unavailable to most 401(k) investors.

According to the White House, over 90 million Americans participate in employer-sponsored defined-contribution plans, most of whom face restrictions on investing in alternative assets. “Regulatory overreach and litigation risks have limited ERISA-governed plan fiduciaries,” the fact sheet states, hindering workers’ retirement growth compared to wealthy investors and government worker plans.

The order builds on previous actions, noting the Trump Department of Labor rescinded Biden-era guidance on digital assets. It aligns with Trump’s pledge to make the U.S. the “crypto capital of the world,” emphasizing embracing digital assets for economic growth. The administration claims this effort “democratizes access” to assets previously out of reach.

“This is about ensuring a dignified and comfortable retirement for all Americans,” the fact sheet concludes, framing the order as part of Trump’s broader promise to enhance financial opportunities and “Make America Wealthy Again.” The regulatory process to implement the changes will now begin.

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