AG Raoul, AG Bonta, AG James, and AG Rayfield  co-led a coalition of 24 states in opposing a proposal from the Trump administration that would put the retirement savings of millions of Americans at risk. In their comment letter submitted to the U.S. Department of Labor today, the coalition argues that the department’s proposed rule would harm workers and retirees by increasing their exposure to risky, volatile alternative assets, such as cryptocurrency and private credit, which are often less understood by investors and could result in catastrophic financial losses. The Department of Labor estimates that under the proposed rule, about 4.5 million workers and retirees and $178 billion would go into funds with riskier investments each year.

“Workers should be able to rely on the standard Congress put in place to protect their retirement plans. I’m proud to lead my colleagues in calling on the Trump administration to not threaten the financial stability of our nation’s retirees with this dangerous and unlawful proposal.” -AG Raoul