President Trump wants to \u201copen up workers\u2019 retirement plans to his pet industries,\u201d said Sam Gustin<\/strong> in The New Republic<\/strong><\/em>. The Labor Department recently proposed a long-awaited rule that would shield 401(k) plans investing in crypto and private equity and credit markets from getting sued over excessive risk\u2014no minor concern since crypto prices have cratered in the past six months. \u201cThe stakes are enormous.\u201d A 1% shift of funds would flood \u201cmore than $100 billion in new capital\u201d into troubled sectors in desperate need of a bailout. This is just another way for Trump, whose family has billions of dollars in crypto, to use the presidency as a \u201cgiant ATM for himself, his family, and his cronies.\u201d<\/p>\n Actually, the Labor Department\u2019s proposal will make \u201cretirement better for millions of Americans,\u201d said Charles E.F. Millard<\/strong> in The Wall Street Journal<\/strong><\/em>. The idea is to let \u201cfiduciaries be fiduciaries\u201d and protect them from \u201cfrivolous litigation\u201d when they seek the best investments. If the plan goes ahead, 401(k)s<\/a> will look \u201cmore like traditional defined-benefit pension plans,\u201d in which investment management and risk management was left to the employer, who could then \u201cuse the actuarial law of large numbers to pool longevity and investment risk and provide an income that retirees could count on.\u201d Critics on the Left say the little guy will get bamboozled\u201d as huge swaths of people\u2019s hard-earned savings get shoved \u201cwilly-nilly\u201d into risky assets. But \u201cthat\u2019s just politics.\u201d This proposal \u201cis all about retirement security\u201d and freeing professionals to find \u201clifetime income solutions\u201d for their clients.<\/p>\n Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.<\/span><\/p>\nBitcoins The Week<\/span><\/h2>\n