On September 22, a group of U.S. House Financial Services Committee members, led by Chairman French Hill (AR-02), submitted a letter to SEC Chairman Paul Atkins expressing support for President Trump’s Executive Order 14330, which directs the SEC and Secretary of Labor to facilitate access to alternative assets for 401(k) investors. The lawmakers praised the executive order’s position that Americans should have access to retirement funds including alternative assets “when the relevant plan fiduciary determines that such access provides an appropriate opportunity.”

The letter urged the SEC to assist the Secretary of Labor and revise its regulations and guidance as needed, including considering changes to accredited investor and qualified purchaser statuses. The lawmakers also requested the SEC reviews “bipartisan legislation” under consideration in the 119th Congress concerning accredited investors, including proposals to expand the definition to individuals with certain licenses, education or job experience.