A group of Republican lawmakers, led by Troy Downing, has unveiled a bill aimed at codifying former President Donald Trump’s Executive Order 14330, which allows alternative investments—including crypto assets, real estate, and private equity—to be included in retirement plans.
The initiative is expected to unlock billions in additional liquidity, potentially boosting the sectors targeted by these alternative investments. According to The Block, Downing’s bill is designed not only to formalize Trump’s directive but also to provide a clear framework for retirement plan providers seeking to expand the range of investment options available to participants.
Politico reports that the bill is intended to give legal backing to the executive order and establish clear guidelines for providers managing 401(k) and similar retirement accounts.
Back in early August 2025, Trump signed the executive order permitting alternative investments in retirement plans. These include real estate, private company stocks, and various crypto assets. The order directed the Department of Labor to review the products available to retirement plan providers within 180 days.
By the end of September 2025, lawmakers had formally requested the U.S. Securities and Exchange Commission (SEC) and the Department of Labor to implement the executive order.
Downing described his bill in an interview with The Block:
“Alternative investments hold transformative potential to improve the financial security of countless Americans saving for retirement. I am inspired by President Trump’s leadership in democratizing finance and proud to lead Congress’s efforts to codify his Executive Order, ensuring its impact for generations to come.”
Co-sponsors of the bill include Representatives Byron Donalds, Buddy Carter, Warren Davidson, and Barry Moore. The legislation is currently under review in the House of Representatives, with no Senate version yet introduced.
