"A combination of regulatory overreach and encouragement of lawsuits filed by opportunistic trial lawyers has stifled investment innovation and largely relegated 401(k) and other defined-contribution retirement plan participants to asset classes whose returns lack the very same long-term net benefits allowed for and achieved by public pension plans and other institutional investors. My Administration will relieve the regulatory burdens and litigation risk that impede American workers' retirement accounts from achieving the competitive returns and asset diversification necessary to secure a dignified, comfortable retirement." [Also available:  Fact Sheet]  MORE >>

"The Order [1] directs the Secretary of Labor to reexamine the [DOL's] guidance on a fiduciary's duties regarding alternative asset investments in ERISA-governed 401(k) and other defined-contribution plans.... [2] instructs the Secretary of Labor to clarify the [DOL's] position on alternative assets and the appropriate fiduciary process associated with offering asset allocation funds containing investments in alternative assets.... [3] directs the Secretary of Labor to consult with the Secretary of the Treasury, the [SEC], and other federal regulators to determine whether parallel regulatory changes should be made at those agencies to give effect to the purpose of the Order.... [4] directs the [SEC] to facilitate access to alternative assets for participant-directed defined-contribution retirement savings plans by revising applicable regulations and guidance."  MORE >>