"Applicable law already clarifies when a plan fiduciary can and cannot offer alternative investment choices to participants in 401(k) plans.... This suggests that the agenda pursued by at least some advocates of Executive Order 14330 is not the clarification of applicable law. Rather, these proponents seek ... to actively encourage 401(k) arrangements to offer to plan participants alternative investments, most prominently private equity.... [ERISA's] fact-based protective standards should not be attenuated to promote any industry's products, whether those products are ESG assets or alternative investments."  MORE >>