President Trump signed an executive order Thursday allowing alternative assets like private equity, cryptocurrency and real estate in 401(k)s.

The order directs the Labor Department to review guidance around private market investments in retirement plans subject to the Employee Retirement Income Security Act of 1974.

Trump’s directive smoothes the way for private equity and other fund managers to tap into trillions of dollars of Americans’ retirement savings. 3

It could open up a vast new funding source to managers of alternative assets outside of stocks, bonds, and cash, though critics say it also could bring too much risk into retirement investments.

“The order directs the Securities and Exchange Commission to facilitate access to alternative assets for participant-directed defi

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