WASHINGTON – During an exclusive interview at the Trump Account Launch Summit in Washington, D.C., Treasury Secretary Scott Bessent shared his thoughts with Breitbart News on Wednesday. He emphasized that these new accounts could very well represent President Donald Trump’s most enduring legacy, with the potential to positively affect many future generations.
Backstage after President Trump spoke to attendees, Bessent explained how these accounts aim to assist children in America in building generational wealth. He believes this initiative could significantly improve the future compared to the past for many. “As always, the president was optimistic about everything we’re doing,” Bessent noted. “The things he’s accomplished, like trade and tax agreements, as well as peace negotiations, might last a long time. But I really think these Trump accounts could be his most impactful legacy. You have 38 percent of Americans not involved in the stock market at all. It makes me wonder why we’re seeing a generation that feels disconnected from the innovative economy driving America. This visionary plan from President Trump aims to change that: each child will receive $1,000 at birth, which they cannot access until they turn 18. If they choose to keep it in the account, it could be turned into a retirement fund with withdrawals permissible at age 65, serving as a great supplement to Social Security.
Children born from January 1, 2025, to December 31, 2028, are set to receive $1,000 from the federal government to begin their Trump accounts. Currently, all children under 18 in the U.S. can also set up a Trump account. Parents or their employers can contribute up to $5,000 annually, with tax advantages, while the employer can contribute as much as $2,500. The funds are inaccessible until the child reaches 18, but if they wait longer, they can use these funds for eligible expenses such as education or buying a home. Some estimates suggest that if maximum contributions are made, the accounts could be worth over $300,000 by the time a child turns 18 and exceed $1 million by their 28th birthday.
Bessent encouraged families to visit TrumpAccounts.gov, mentioning that 600,000 people have signed up so far. “We are expecting 25 million to register,” he added. “If your child is under 18, they can have a Trump account. Family and friends can donate, and importantly, large philanthropists can too. For instance, Michael and Susan Dell are offering $6.25 billion in awards for families from lower-income zip codes, which will benefit 80% of American children. Investor Ray Dalio recently announced he would contribute $250 million to Indiana, likely following President Trump’s vision. It aims to unite rather than polarize America; after all, Trump orchestrated one of the largest mergers in history.”
Bessent elaborated on these themes in his book, discussing their significance leading up to the U.S.’s 250th anniversary. He described the Trump Account as a major policy innovation, asserting it provides Americans access to private ownership and compound growth that was previously limited. “The Trump Account is essentially a triumph of capitalism over socialism,” he declared, noting that socialism has historically led to economic decline by attempting to eliminate private property rights.
He reinforced that the economic history shows the answer lies not in abolishing private ownership but in democratizing access to it, ensuring more people can reap the benefits of capitalism. Bessent also forecasted an economic boom for the U.S. in 2026, claiming the Trump Account is part of the broader “One Big Beautiful Bill” passed by Congress last summer, which sets the stage for growth.
“We’ve prepared for 2025, but in 2026, 2027, and 2028, we expect significant growth,” Bessent said. “The president’s policies are effective. There’s a lot to appreciate in this big bill, like school choice. For the first time, pre-tax Americans will directly contribute to school choice through tax refunds. Other notable elements include tax exemptions for tips and overtime, all of which could lead to larger refunds for working Americans. We’re looking at about a 12 to 14 percent growth in capital expenditures. Historical data shows that as capital investment increases, so does employment and consumer spending. So the outlook is positive. Interest rates have been reduced significantly lately, and inflation seems to have stabilized. The president is making moves to manage prescription drug pricing, while some states see gas prices below $2 per gallon. Recently, mortgage rates hit their lowest point in three years. I think everything is aligning nicely now.”
