House Republicans Press SEC to Expand 401(k) Access to Alternative Assets

House Republicans (collectively, the "Representatives") urged SEC Chair Paul Atkins to align the agency’s rules with President Trump’s Executive Order "Democratizing Access to Alternative Assets for 401(k) Investors" (the "Executive Order")

In a letter to Chair Atkins, the Representatives, led by House Financial Services Committee Chair French Hill and Capital Markets Subcommittee Chair Ann Wagner, expressed support for President Trump’s August 2025 Executive Order. (See related coverage.) They noted that the Executive Order calls for the Secretary of Labor to "consult with the [SEC] to determine the necessity of parallel regulatory changes," and directs the SEC to revise its rules to expand access to alternative assets "participant-directed defined-contribution retirement savings plans," including by updating the "accredited investor" and "qualified purchaser" definitions.

The Representatives urged the SEC to move quickly to align its rules with the Executive Order, arguing that broader investment options could strengthen retirement outcomes for the 90 million Americans in 401(k) plans, so long as fiduciaries deem them appropriate. They also pressed the SEC to review bipartisan legislation on expanding accredited investor eligibility and concluded that swift action would remove barriers limiting ordinary investors’ access to alternative assets.