Senate Banking Committee Ranking Member Pat Toomey (R-PA) introduced a bill, S. 4973, on September 29 that would allow sponsors of 401(k) plans to let their workers put retirement savings into alternative assets like private equity, real estate, and cryptocurrency. He said that while this is not prohibited by the Department of Labor currently, existing standards have a chilling effect on doing so. Cosponsors include Sens. Tim Scott (R-SC) and Cynthia Lummis (R-WY). Rep. Peter Meijer (R-MI) also supports the bill in the House.