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If they've already functionally had permission, what's the meaningful change here?
I also find myself skeptical that the barrier to high volatility investments being promoted in 401ks is that they didn't have the right stuff to push. There's been nothing functionally stopping fund administrators from offering gold ETFs for the two decades they've been available, for instance, it's just not terribly common.
Yes, this does in fact appear to be another useless retread EO, I think it's another example of the administration trying to replicate existing legislation in order to signal their support for a concept or will it into happening.