Trump Signs Executive Order: New 401(k) Retirement Policy and Bank 'Anti-Discrimination' Order Officially Take Effect
On August 8, Trump signed two significant financial policies, implementing two key reform measures in the areas of the 401(k) retirement plan and bank anti-discrimination services.
Among them, the new 401(k) retirement plan allows approximately $12.5 trillion in 401(k) retirement accounts to invest in alternative assets such as cryptocurrencies, private equity, and real estate. This groundbreaking measure aims to expand the range of investment options for retirement savings.
According to policy requirements, the Department of Labor must reassess the relevant guidelines of the Employee Retirement Income Security Act (ERISA) of 1974 within six months and clarify fiduciary responsibilities and supporting rules with the Treasury Department, Securities and Exchange Commission (SEC), and other agencies.
The market reacted positively, with Bitcoin rising in response to the news, peaking at over $117,500 this morning. Industry insiders estimate that if 1% of the $12.5 trillion in the 401(k) market is allocated to cryptocurrencies, it could generate up to $87 billion in new demand.
Meanwhile, the Trump administration also launched #银行反歧视法案 , focusing on combating the 'de-banking' actions of financial institutions based on political or religious positions. This policy specifically addresses the long-standing issue of banking service restrictions faced by the cryptocurrency industry, explicitly prohibiting banks from refusing service on the grounds of 'reputational risk.'
According to the new regulations, regulatory agencies will review historical cases and impose fines on violating banks, while the Small Business Administration will prioritize the restoration of improperly closed accounts.
It is noteworthy that both policies reflect the Trump administration's core idea of loosening financial regulation. Although their starting points differ, they are both committed to breaking the constraints of the traditional financial system.
From a broader perspective, these two policies together reflect the deep-seated trends in the reform of the current U.S. financial system. The new 401(k) policy attempts to enhance retirement account yields by introducing more diversified investment options, while the bank anti-discrimination bill focuses on ensuring fair and accessible financial services.
