Warren, Sanders Press Department of Labor Over Reports of 12,000 Fake Comments On Proposed Rule that Would Open Up Americans' Retirements to Risky Private Assets

Warren, Sanders Press Department of Labor Over Reports of 12,000 Fake Comments On Proposed Rule that Would Open Up Americans' Retirements to Risky Private Assets

"As DOL considers opening defined-contribution plans, such as 401(k)s, to risky assets like private equity and cryptocurrencies, it is essential that the agency fully understand the extent to which public comments in support of the proposal have been fabricated"

Text of Letter (PDF)

Washington, D.C. - U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, and Bernie Sanders (D-VT), Ranking Member of the Senate Health, Education, Labor, and Pensions Committee, wrote to Acting Secretary of Labor Keith Sonderling and Assistant Secretary of Labor Daniel Aronowitz regarding recent reporting that over ten thousand fake comments were submitted purportedly supporting the Department of Labor's proposed rule to open up defined-contribution plans, like 401(k)s, to investments in alternative assets. The proposed rule would enable risky assets such as private equity and cryptocurrencies to be included in retirement funds.

In August, Bloomberg reported that "nearly 12,000" comments written in support of the controversial rule demonstrated signs "that they may have been manufactured to resemble grassroots support." These comments failed to include any personalization, like signatures, and did not have any variation in the text. When reporters followed up with individuals who supposedly wrote these comments, numerous individuals denied doing so - with one "commenter" having died five months before their support was noted.

"Concerningly, this is not the first time that DOL has confronted evidence that comments on rulemaking affecting Americans' retirement savings may have been generated without the knowledge of the supposed commenters," wrote the Ranking Members. "It is unclear whether the Department's policies and procedures sufficiently account for the existence of these potentially fraudulent comments that may suggest far greater public support for a proposed action than actually exists."

"Recent reports that once again highlight potentially fraudulent comments in an EBSA rulemaking process raise serious questions about the integrity of the administrative record for a rule that could have significant consequences for Americans' retirement savings while benefitting Wall Street," the Ranking Members continued.

Ranking Member Warren and Sanders concluded by asking the Department to provide answers to questions about its response to these troubling reports by October 8, 2026.

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