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Press Release: New Analysis Finds 401(k)s Without Alternative Assets Significantly Outperformed Pension Plans Loaded with Private Equity and Other Alternative Assets
Today, Americans for Financial Reform Education Fund (AFREF) and the law firm Engstrom Lee released a new report, that found that defined contribution retirement plans like 401(k)s, with virtually no exposure to private equity or other alternative assets, have outperformed…

The Latest from AFR
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Defined Contribution Plans Outperformed Defined Benefit Plans by a Substantial Margin
This study examined the empirical performance of 58,000 retirement plans—pension plans and 401(k) plans—over sixteen years between 2009 to 2024 and found clear outperformance by the plans without alternative assets, proving the DOL’s proposal to open up 401(k) plans to private equity and hedge fund-type investments will harm workers saving for retirement
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AFR in the News
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Congresswoman Rashida Tlaib: Tlaib Introduces Bank Failure Accountability Act
“The public is hungry for wealthy executives to be held accountable for the harm their self-serving risk-taking has caused,” said Natalia Renta, Esq., Associate Director of Corporate Governance & Power, Americans for Financial Reform. “By setting aside a significant portion of pay that executives could lose in cases of failure of their financial institution or…
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The Block: Senate races to advance crypto legislation in July as housing bill turmoil threatens timeline
“The question for Congress is, are you going to focus on key priorities and use your limited remaining time to get that done, or are we going to focus on this sort of niche issue being driven by some wealthy interests that if done poorly could have really longstanding impacts on the financial system without…
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The American Prospect: Crypto Industry Gets Its Way on GENIUS Act Rulemaking
“Stablecoin, despite their name, haven’t proven to be all that stable,” explains Mark Hays, the associate director for cryptocurrency and financial technology at Americans for Financial Reform.

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2026 Crypto Polling
The newest poll from the bipartisan polling team Lake Research Partners and Chesapeake Beach Consulting shows that voters across the political spectrum are concerned about the cryptocurrency industry’s political influence and its impact in pushing policies that benefit the industry at the public’s expense. Read the polling memo here. Read the poll results by party…










