A proposed Labor Department rule that would alter investment options for the nation’s $10 trillion 401(k) market has cleared the White House’s regulatory review, moving it one step closer to publication.

The Office of Information and Regulatory Affairs concluded its review on March 24, paving the way for the Department of Labor to formally release the proposal in the coming weeks. If finalized, the rule would amend fiduciary guidance for plans governed by the Employee Retirement Income Security Act, potentially permitting plan sponsors to include cryptocurrency and private equity among designated investment alternatives.

The proposal followed an executive order signed by President Donald Trump last year directing the Labor Department to facilitate the inclusion of alternative assets in participant-directed defined-contribution plans. 

The order also tasked the Securities and Exchange Commission, the Treasury Secretary, and other federal agencies with exploring ways to facilitate access to alternative investments, including digital assets, in retirement plans.

In its review, OIRA designated the rule as “economically significant,” a classification that triggers additional analysis under Executive Order 12866. The designation applies to regulations expected to have an annual effect on the economy of $200 million or more or to materially affect the economy. The proposed rule carries no legal deadline for finalization, according to the OIRA filing.

The regulatory advancement comes amid record growth in retirement savings. According to Fidelity Investments, the average 401(k) balance reached an all-time high of $144,400 in the third quarter of 2025, representing a 9% increase from the prior year. Fidelity also reported that the average individual retirement account (IRA) balance rose 7% year-over-year to $137,902 during the same period.