Should retirement funds invest in risky assets like crypto? It's reminiscent of an earlier debate, one that involved a fledgling venture capital industry and something known as the prudent man rule.
ARI SHAPIRO, HOST:
Pension fund managers are dipping their toes into crypto, and government regulators are saying, be careful. That concern over whether retirement funds should get mixed up with new kinds of investments is an old one. Wailin Wong and Darian Woods from Planet Money's The Indicator explain.
WAILIN WONG, BYLINE: The 1960s were a boom time for private pension plans. And by 1970, these pensions were holding over $100 billion of assets.
DARIAN WOODS, BYLINE: But this growth also brought problems, like corruption and mismanagement. The government and President Gerald Ford stepped in.
WONG: On Labor Day 1974, the president signed a new law called the Employment Retirement Income Security Act, or ERISA. ERISA established that pensions needed special protections, which meant the...
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