1. United States
2. Maine
3. Letter

I am writing to urge you to support the efforts of Senators Elizabeth Warren, Bernie Sanders, and Chris Murphy to protect Americans’ pension and retirement plans from being exposed to risky, high-fee private investments.   In their recent letter to the administration, these senators raised serious concerns about Donald Trump’s Executive Action that encourages the inclusion of risky assets—such as private market funds and cryptocurrencies—in defined-contribution retirement plans. As they stated, this approach threatens to place Americans’ retirement savings at greater risk while benefiting financial intermediaries that charge high and often opaque fees.   Most Americans rely on 401(k)s and similar plans for long-term retirement security. These plans were designed to emphasize transparency, liquidity, and reasonable costs. Private equity and other private market investments frequently lack these protections, and their track record shows higher fees, limited disclosure, and risks that are poorly understood by ordinary savers.   Congress has a responsibility to ensure that retirement policy prioritizes workers and retirees—not Wall Street firms seeking new pools of capital. I urge you to support legislative and oversight efforts that prevent the erosion of fiduciary standards and keep Americans’ pension savings focused on prudent, transparent, and well-regulated investments.   Thank you for your attention to this critical issue.