Treasury Secretary Scott Bessent praised President Donald Trump's "Trump Accounts" initiative during an interview Wednesday.
He called the program a transformative effort to bring millions of American families into the nation's investment economy.
"As always, the president was optimistic about everything we're doing," Bessent said.
"The president has done trade deals, tax deals, peace deals," he continued.
"I think the peace deals will be enduring, but I think there's a chance these Trump Accounts may be his most enduring legacy."
Bessent noted that roughly 38% of Americans currently have no exposure to equity markets, contributing to economic disillusionment among younger generations.
Under the Trump Accounts initiative, every child born during a four-year period would receive $1,000 deposited into a market index fund.
The funds would be inaccessible until the child turns 18, with the option to roll the account into a retirement vehicle and withdraw at age 65 as a supplement to Social Security.
Bessent said the administration views the program as a way to ensure the next generation participates directly in America's innovation-driven economy.
"President Trump, through this visionary plan, is going to change it," he said.
The initiative has already drawn significant private-sector and philanthropic support.
According to Bessent, more than 600,000 people have signed up through TrumpAccounts.gov, with expectations of reaching 25 million participants.
Families, relatives, and employers are able to contribute to children's accounts, and major donors have pledged billions to expand access.
Michael and Susan Dell have committed $6.25 billion to fund accounts for children in nearly 80% of U.S. ZIP codes, while investor Ray Dalio has pledged support for children in Connecticut.
Venture capitalist Brad Gerstner is funding accounts for young children in Indiana, and Bessent said roughly 20 state governments are expected to follow the administration's lead.
In addition to investment access, Bessent said the program will include robust financial education, aiming to narrow the divide between Wall Street and Main Street.
"President Trump has done the biggest merger in history," Bessent said, "bringing everyday Americans into the market and into the American economic engine."
James Morley III ✉
James Morley III is a writer with more than two decades of experience in entertainment, travel, technology, and science and nature.
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