This week, the U.S. Department of Labor submitted a rule to the Office of Information and Regulatory Affairs (OIRA), which is responsible for pre-publication review of regulations at the White House. The rule aims to clarify fiduciary duties when deciding whether to offer asset allocation funds, including alternative assets like cryptocurrency, to participants in 401(k) defined contribution plans.
According to the materials submitted, the background of this rule highlights that regulatory burdens and litigation risks could impact the competitive returns and assets necessary for U.S. workers' retirement accounts...