Trump Accounts are the “antidote to socialism,” the administration lauded at a star-studded event where everyone from President Donald Trump to Nicki Minaj discussed how the accounts will revolutionize savings for millions of newly-born Americans.
Brad Gerstner, a Hoosier venture capitalist who was one of the originators of the idea, and Sen. Ted Cruz (R., Texas), helped kick off the summit, describing the accounts as the opposite of universal basic income.
Trump Accounts, which were a key component of the GOP’s One Big, Beautiful Bill (OBBB), are new government savings accounts available for children born between 2025 and 2028, to which parents, businesses, and philanthropies can contribute thousands of dollars. The accounts are invested in low-cost index funds for future use, and can only be accessed by the holders once they turn 18.
The Trump Accounts launch was praised by financial experts in and out of the government. Jonathan Gould, the Comptroller of Currency and finance veteran, told the Washington Reporter that “President Trump and Secretary [Scott] Bessent are revolutionizing the financial future of the next generation of Americans. Trump Accounts provide a pathway for every individual to invest in our nation’s competitive marketplace and take part in American prosperity.”
Trump Accounts expanded on the idea of Baby Bonds, Treasury Secretary Scott Bessent explained. “Where President Trump’s predecessors created debt and dependency,” Trump does the opposite. Six-hundred thousand American families opened Trump Accounts for their children in the first three days, Bessent added. “Donations to a Trump Account will soon be the greatest gift a child can receive.”
Karoline Leavitt, the White House’s press secretary, said that the move is just “one of the many pro-family initiatives that this president has worked so hard to deliver on”; that culture, she said, comes from the top with Trump and White House Chief of Staff Susie Wiles.
Throughout the summit, speakers reinforced that Trump Accounts aren’t partisan; Kevin O’Leary said that the concept “is 100 percent bipartisan, and that’s rare to do these days.” He added both that “it’s impossible to find a mistake” in this proposal, and that “Mary Poppins would love this.”
Cheryl Hines, Secretary Robert F. Kennedy Jr.’s wife, said that “this is not about red or blue politics.” But, Leavitt noted that every Democrat voted against the legislation that created the accounts. “Remember that, Americans, who’s voting for these Trump Accounts and who is not.” Similarly, Gerstner noted that it took Trump to get it done.
“I tried to get it done under Biden,” he said. “I never got an audience, Michael Dell never got an audience.” All of that changed with Trump — and with Bessent, Gerstner said, the “unsung hero” of Trump Accounts. Bessent understood their importance at a “visceral level.”
Gerstner and others expect that tens of millions of Americans could sign their newborns up for Trump Accounts in just the first few months of the launch. The accounts are funded by some of America’s most legendary businessmen and philanthropists, including Ray Dalio, Gerstner, Harold Hamm, Minaj, and others. All told, around 250 people have already signed the giving pledge for Trump Accounts.
Trump himself made the pitch for the accounts during his remarks. Americans with his namesake accounts will have a “nest egg” from birth to complement the programs that exist to help Americans in retirement.
“Under this administration, we are going to leave every child with real assets and a shot at financial freedom,” Trump said. “There’s never been a better time to invest in the United States of America…who knew this was going to take place this quickly?”
Before and after Trump’s remarks, his allies in Congress and in the business world pitched the merits of Trump Accounts — but the event’s MVP was Minaj, who put her money where he mouth is and announced that she will help fund Trump Accounts in part because she saw how useful they would have been for her when she was growing up.
“I got out of high school and I thought that everything was going to be smooth sailing,” she said during a fireside chat with Alex Bruesewitz. But she quickly realized that that was not that case. “If I had access to something like this, then my whole life would have been different.”
“I’m big on hope for children and for young people,” she said. “When you have to worry about paying bills, it doesn’t only affect your bills…“There’s almost nothing greater than teaching financial literacy to young people. I think it should be in the curriculum in schools, actually.”
Trump, she said, “is a different kind of president, this is a different kind of leader.” During her chat with Bruesewitz, the latter prodded Minaj about her ongoing feud with Gov. Gavin Newsom (D., Calif.).
“Newsom only wants to be seen, he does not want to do anything credible with his time or life,” she said. Bessent, Minaj said, was “so spot on” with his criticisms of Newsom in Davos. Bessent is “one of my new heroes,” Minaj added, praising the Treasury Secretary for how he “calmly obliterated Newscum.”
As Minaj wrapped up her remarks, Bruesewitz said that he hopes “we can see many of your Barbz go out and make beautiful babies…I personally believe the Trump Accounts will have the longest term effects.”
During his remarks, Johnson remarked on the differences between Bidenomics and the Trump economy. “I am here to declare to you all today: those days are now behind us, and we are so grateful for that,” he said of the Biden years. In contrast, “Republicans are ushering in a new Golden Era, a new Golden Age.” Trump Accounts will put “foundational ideas” of America back into focus — namely the idea that young Americans should be in charge of their financial futures.
Johnson’s fellow elected Republicans echoed the significance of the new accounts. Rep. Jason Smith (R., Mo.), the chairman of the House Ways and Means Committee, noted that it is hard to believe that the push for Trump Accounts only started three years ago.
Most Americans don’t own stocks or bonds, and millions of Americans can’t afford a $400 emergency. “This is the beginning to transformational change,” Smith said. “As one state does this, other states will begin to follow.”
Gov. Brad Little (R., Idaho) and Sen. Katie Britt (R., Ala.) stressed how Trump Accounts fit into the GOP’s prioritization of affordability issues. Little said that in order “to get kids to understand financial literacy, they’ve got to understand finance.”
Financial literacy’s importance was also brought up by business leaders at the summit. Anthony Noto, the CEO of SoFi, noted that he “started investing when I was 15.” Now, his company will help young Americans with their financial future, using the benefit of tools like artificial intelligence.
“We have to lower the cost of homes,” Noto said. “We have to lower the cost of education…drug costs, medical costs…we’re making this free [to use to invest]…it aligns perfectly with us.”
Other companies, like Visa, IBM, Charles Schwab, Uber, Charter Communications, Bank of New York Mellon, State Street, Mastercard, Block, Robinhood, Chime, Russel Investments, Dell Technologies, Steak ‘n Shake, Broadcom, Intel, JP Morgan, Chipotle, Coinbase, and Comcast also announced plans to support Trump Accounts.
