A group of Republicans has prepared a bill aimed at codifying Trump’s executive order to include alternative investments in retirement plans, including 401(k). This was reported by The Block with reference to one of the authors, politician Troy Downing.

It was also stated by the publication Politico. According to the latter, Downing’s initiative is aimed at legitimizing Trump’s executive order, as well as creating a framework for pension plan providers who want to expand the field of targeted investments.

Recall that in early August 2025, US President Donald Trump signed an executive order to include alternative investments in pension plans. These are real estate, shares of private funds and companies, as well as crypto-assets.

The executive order requires the Department of Labor to review the products available for investment by retirement plan providers within 180 days.

In late September 2025, congressmen sent a letter to the SEC and the Department of Labor demanding that it be implemented.

Downing’s bill would pave the “legal rails” for Trump’s executive order and solidify its status. Here’s how he commented on his initiative for The Block:

“Alternative investments have the transformative potential to improve the financial security of countless Americans saving for retirement. I admire President Trump’s leadership in democratizing finance and am proud to lead Congress in codifying his Executive Order on financial regulation and cementing this step for future generations.”

The bill is co-sponsored by Congressmen Byron Donalds, Buddy Carter, Warren Davidson, and Barry Moore. So far, the bill is pending in the House of Representatives, there is no version for the U.S. Senate.