(Reuters) -U.S. President Donald Trump will sign an executive order on Thursday that aims to allow private equity, real estate, cryptocurrency and other alternative assets in 401(k)s, Bloomberg News reported on Thursday, citing a person familiar with the plans.
The White House did not immediately respond to a request for comment outside regular business hours. Reuters could not immediately verify the Bloomberg report.
Such a move, if implemented, 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.
(Reporting by Rishabh Jaiswal in Bengaluru; Editing By Kirsten Donovan)
