Retirement Investment Choice Act
This bill, the Retirement Investment Choice Act, would codify Executive Order 14330 into statute. By giving the executive order the force and effect of law, it would make the policy of “democratizing access to alternative assets for 401(k) investors” a binding federal standard rather than a transient executive directive. In practical terms, this move is intended to broaden the investment options available to 401(k) plan participants, potentially allowing plan menus to include non-traditional or alternative assets. The bill as written provides no detailed rules about which assets qualify, how access would be expanded, fiduciary duties, fees, liquidity, or risk disclosures. The impact would depend on how the EO is interpreted and how subsequent regulations or guidance implement this codification.
Key Points
- 1Codifies Executive Order 14330 into law, giving its policy framework the force of statute rather than just executive guidance.
- 2Short title: the Retirement Investment Choice Act.
- 3The bill aims to democratize access to alternative assets for 401(k) investors, signaling broader investment options within 401(k) plans.
- 4The text provides no specifics on asset classes, eligibility, fees, liquidity, valuation, or fiduciary safeguards within the bill itself.
- 5Introduced in the 119th Congress and referred to the House Education and Workforce Committee and the Committee on Financial Services; no further legislative actions are stated in the bill text provided.