U.S. President Donald Trump signed an executive order Thursday that aims to allow private equity, real estate, cryptocurrency and other alternative assets in 401(k)s, Bloomberg News reported Thursday.
The White House did not immediately respond to a request to verify the Bloomberg report.
Such a move would be a boon for big alternative asset managers like Blackstone, KKR and Apollo Global Management by opening the $12 trillion market for retirement funds known as defined contribution plans to their investments.
However, critics say it could add too much risk to retirement accounts like 401(k)s.
Trump will direct labor secretary Lori Chavez-DeRemer to work with counterparts at the Treasury Department, Securities and Exchange Commission (SEC), and other federal regulators to determine whether rule changes should be made to assist in the effort, Bloomberg reported.