U.S. Representative Maxine Waters is calling on the Labor Department to withdraw its proposed rule on alternative assets in 401(k) plans, arguing it would accelerate the decline of public markets. In a letter to Acting Labor Secretary Keith Sonderling, the top Democrat on the House Financial Services Committee said the rule would expose retirees to risky assets and reduce companies' incentives to go public. Waters also raised concerns about the inclusion of cryptocurrency and a conflict of interest involving Assistant Labor Secretary Daniel Aronowitz. The comment period closed with over 47,000 submissions, including about 12,000 form comments supporting the proposal and about 31,000 opposing it.