US. Trump SEC Chairman Urges 401ks To Gamble Away Coronavirus Losses
By Edward Siedle
Trump SEC Chairman Jay Clayton urges 401k plan sponsors and investors to gamble on private equity funds as a means of recovering coronavirus losses. Since when is it the job of the Chairman of the world’s premier securities regulator to encourage reckless risk-taking by American workers already reeling from pandemic losses?
Last week, the U.S. Department of Labor opened the door for plan sponsors to add private equity funds to their 401(k) plans. The Trump administration claims removing the barriers to private equity gambling in 401ks will allow American workers to overcome the effects the coronavirus has had on our economy. That is, gambling gains will make up for pandemic losses.
Coronvirus Catch-Up? Really?
That sounds like “advice” you’d expect from a casino owner, not from a federal agency that’s supposed to protect employer-sponsored retirement benefit plans.
Read more @Forbes
