(Bloomberg) — The month-long government shutdown is delaying the Securities and Exchange Commission’s work to make it easier for 401(k) plan managers to include private credit and other alternative assets in their offerings. 

The SEC, in partnership with the Labor Department, hasn’t been able to make much progress on the issue due to staff furloughs, SEC Chairman Paul Atkins said Friday during an interview on CNBC.  

President Donald Trump signed an executive order in August directing the Labor Department to reevaluate guidance to fiduciaries to get them more comfortable with including private credit, digital assets and other alternative assets in their retirement plans. The SEC may also issue new rules or guidance to change the definition of accredited investor or qualified purchasers. 

Atkins said the SEC would be working on those changes, and plot a course to open up the defined-contribution plans to alternative assets while also putting “guardrails” in place. 

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Bloomberg Intelligence estimated that expansion of private credit into the more than $12.5 trillion held in 401(k)-type plans could triple private equities managers’ fees over the next 10 years.