06.15.22
Rep. Neal Asks Government Watchdog to Study Hazards of Crypto in 401(k)s
by: Melanie Waddell
U.S. House Ways and Means Committee Chairman Richard Neal (D-MA) asked the US Government Accountability Office (GAO) on Wednesday to investigate the hazards to retirement savings posed by offering cryptocurrency in defined-contribution (DC) retirement plans. “Recent announcements from major DC plan providers indicate that many employers who sponsor DC plans will have the option to allow their employees to invest in cryptocurrencies,” Neal told GAO Comptroller General Gene Dodaro in a letter. “However, concerns have arisen about the risks to older Americans’ retirement security of using retirement accounts to invest in cryptocurrencies due to their volatility and limited oversight.”
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