Downing Introduces Bill to Democratize Access to Alternative Assets for 401(k) Investors
Retirement Investment Choice Act codifies Executive Order 14330
Today, Congressman Troy Downing (MT-02) introduced the Retirement Investment Choice Act which codifies President Trump’s Executive Order (EO) 14330, democratizing access to alternative investments for 401(k) investors. This bill directs the Department of Labor (DOL) and Securities and Exchange Commission (SEC) to reduce regulatory barriers prohibiting investments like private equity, real estate, and digital assets from being eligible for inclusion in 401(k) retirement plans.
Representatives Byron Donalds (FL-19), Warren Davidson (OH-08), Marlin Stutzman (IN-03), Buddy Carter (GA-01), and Barry Moore (AL-01) are original cosponsors of Congressman Downing’s bill. The American Securities Association (ASA) has expressed support for the legislation.
Read text of the Retirement Investment Choice Act here.
“Alternative investments hold the transformative potential to supercharge the financial security of countless Americans saving for retirement,” said Congressman Downing. “I applaud President Trump for his leadership to democratize finance and am proud to be leading the effort in Congress to codify his EO and enshrine this move for generations to come.”
“ASA applauds Rep. Downing’s leadership in Congress to codify President Trump’s 401(k) Executive Order into law which will expand investment opportunities for every American retirement saver and retiree,” said ASA President and CEO Chris Iacovella.
Background:
President Trump signed Executive Order 14330 to democratize access to alternative assets for 401(k) investors on August 7, 2025.
Congressman Downing joined Financial Services Chairman French Hill (AR-02), Chair of the Capital Markets Subcommittee Ann Wagner (MO-02), and six other members of the Financial Services Committee in a letter of support for the executive order.
- Among other provisions, this EO directs the Department of Labor to reexamine its guidance regarding the Biden Admin's 2021 supplemental statement on alternative assets in 401(k) plans which it subsequently rescinded.
###