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Statement: Oscar Valdés Viera, AFR Senior Policy Analyst, Private Equity & Capital Markets on DOL Rush to Let Private Equity and Crypto Erase Workers’s 401(k) Savings
The Department of Labor (DOL) proposed a dangerous rule that would steer workers’ retirement savings into risky, opaque, high-fee private equity and crypto investments that would undermine their retirement security. The private equity industry is eager to dump overvalued assets onto retirement savers as well-heeled investors snub these dubious assets and head for the exits. Opening 401(k)s to these products risks turning workers’ retirement savings into a Ponzi-like scheme that throws a lifeline to an industry scrambling for fresh cash.
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