President Donald Trump told attendees of the Trump Account Summit on Wednesday that it’s better to give the next generation ownership of America’s future instead of handouts. Over the next fifteen years, the U.S. Treasury and a group of Fortune 500 companies plan to transfer nearly $4 trillion of wealth into the hands of young Americans through Trump Accounts—investment accounts seeded with $1,000 from the government for every child under eighteen.
“Trump Accounts represent the triumph of capitalism over socialism,” said Treasury Secretary Scott Bessent. He called the initiative the greatest merger in history between Wall Street and Main Street, adding that the program will permanently alter how Americans relate to their economy. Children will not be able to withdraw funds until they turn eighteen, allowing the accounts to grow with the economy over time.
Joe Lavorgna, Counselor to the Treasury Secretary, said the program is designed to give young Americans a real stake in capitalism. “People are going to turn to socialism if they aren’t part of the system. This is a way to directly get them involved and partake in United States economic growth and prosperity.”
While the program has received support from both sides of the aisle, some critics claim it could widen the wealth gap. The average Trump Account is expected to reach about $5,000 by age eighteen without added contributions, but over $300,000 with sustained investments from parents and employers. Bessent dismissed the criticism, saying, “Huge numbers of families in America don’t have $500 to meet a medical emergency. You don’t want a wealth gap? Go to Venezuela, go to Cuba. Nobody owns anything.”
On launch day, seven companies announced matching contributions for employee Trump Accounts: JPMorgan, Steak ‘n Shake, Bank of America, Broadcom, Intel, Coinbase, Comcast, and Turning Point USA. They joined a growing list of earlier partners including Mastercard, Visa, Dell Technologies, Uber, Charles Schwab, and State Street.
Nicki Minaj also pledged to fund Trump Accounts for fans, saying the opportunity would’ve changed her life if it existed when she was a child. “Now I’m thinking about those kids who aren’t born with a bank account or wealthy parents but have so much to offer this world. Now they get to have some sort of hope.”
In addition to building wealth, the White House says the accounts will become a real-time classroom in financial literacy. Bessent cited statistics showing two-thirds of Gen Z can’t answer basic financial questions, saying this program will help Americans “course correct” and take control of their economic futures.
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