U.S. Treasury Secretary Scott Bessent announced the successful launch of Trump Accounts, a new initiative aimed at boosting financial literacy and creating an "ownership economy" for American youth, during his remarks to the Financial Literacy and Education Commission.
Speaking in the historic Cash Room, Secretary Bessent highlighted the program's immediate impact, noting that it went live on July 4th and has since enrolled 7 million children, with 86 percent from families earning under $200,000. He emphasized his belief that "the strength of a nation lies as much in the wealth it creates as in the opportunity it extends," a conviction guiding his work.
The Trump Accounts program provides a $1,000 seed investment from the U.S. Treasury for every child born during President Trump's term, with all U.S. citizens under eighteen eligible for these tax-advantaged investment accounts. Bessent said the program "became the most successful launch in government history" and aims to address the significant number of households without equity market exposure and the low financial literacy among Gen Z.
To support this initiative, the Treasury has developed fifteen learning modules available on the Trump Accounts app, tailored for different age groups and parents. Secretary Bessent concluded by stressing the ongoing need for financial education to evolve with digital innovation, stating, "Our responsibility across the two dozen federal agencies here today is to ensure that financial education evolves with them."