When former president Donald Trump paved the way for his private equity donors to skim fees from Americans’ 401(k) retirement accounts, Joe Biden’s campaign denounced the stealth executive action and promised to oppose such changes if he won the presidency. But less than two years later, Biden’s administration just quietly cemented that same policy, delivering a gift to the Democrat’s own finance industry sponsors, even as federal law enforcement officials are warning of rampant malfeasance in the private equity industry.

At issue is a Trump Labor Department ruling in 2020 that authorized retirement plan administrators to shift workers’ savings into high-risk, high-fee private equity investments, despite regulators’ long-standing interpretation that federal laws prohibited such moves.

Trump Labor Department officials touted the reinterpretation as a way to “help Americans saving for retirement gain access to alternative investments that often provide strong returns.” The letter followed Blackstone Group CEO Stephen Schwarzman, a Trump adviser and major donor to his super PAC, saying that accessing the $7 trillion in Americans’ 401(k) was one of his company’s top goals.