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Preventing all people from investing in private companies or closing a loophole that the law was never intended to allow?

Because anyone can continue to invest in private companies. You just can’t get tax free growth from them.

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Ignoring rather or not you should be able to use an IRA to invest in private companies for a moment:

>anyone can continue to invest in private companies.

is a very bold claim.

I meant to imply within retirement accounts. But the intention of retirement accounts is to get you to save for retirement through investments. Private companies are arguably the most effective way to grow wealth. Congress is saying they don't want you doing this they only want you to have access to stocks and bonds because private investments do to well.

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