Treasury Secretary Scott Bessent is working to cajole America’s wealthy and large corporations into financing the administration’s Trump Account investment program.
“The president is calling on our nation’s business leaders and philanthropic organizations to help us make America great again by securing the financial future of America’s children,” Bessent said Wednesday during a press conference on the initiative.
“Given the amazing level of interest and the generous donations we have seen so far, I am confident we will see many more pouring in.”
Trump accounts aim to give American citizens born from Jan. 1, 2025, through Dec. 31, 2028, an initial $1,000 in a tax-deferred investment account.
That money is intended to give newborns a starter fund by the time they turn 18. It was a key provision in the One Big Beautiful Bill Act, now known as the Working Families Tax Cut Act, that the president signed into law in July.
Parents and guardians are permitted to donate up to $5,000 a year, and employees up to $2,500, until children become 18.
With a limited long-term federal funding for Trump accounts, Bessent is urging large companies and America’s wealthy to step in and top off the nest egg before the program formally launches next summer.
Earlier this month, Michael and Susan Dell committed to donating a massive $6.25 billion to the initiative, ensuring children aged 10 and under who were born before 2025 will get up to $250 in their accounts.
Last week, hedge fund manager Ray Dalio announced he will donate $75 million to Trump accounts for children in his home state of Connecticut.
Companies such as BlackRock, Charter Communications, Visa, Mastercard and Uber have similarly committed to making donations of their own.
Bessent isn’t alone in seeking to pressure the private sector to step up. Earlier this month, Sens. Cory Booker (D-NJ) and Ted Cruz (R-Texas) inked a letter to the CEOs of every Fortune 1000 company pressing them to pony up.
“By matching contributions for employees’ families, investing in the communities where you operate, or integrating these accounts into your philanthropic strategy, you can significantly enhance the impact of this historic initiative,” they wrote in the letter.
Booker has long proposed setting up an investment account system for America’s youth, similar to Trump’s eponymous initiative.
Meanwhile, Bessent is encouraging states to step up as well.
“The administration has been working closely with a number of governors to determine the best way states can work with the federal government to expand access to Trump accounts,” Bessent revealed last week.
“Thus far, 20 states are considering topping-up the accounts.”
