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First up is Fox: ‘Trump Accounts’ Will Operate Nationwide financial knowledge The head of the Treasury, which oversees the national bank, said the starter kit could also serve as an antidote to rising anti-capitalist sentiment.
“The Trump Account will become one of the most impactful financial literacy tools in our country’s history,” Comptroller of the Currency Jonathan Gould told the Committee on Financial Literacy and Education on Friday. “They offer all Americans a unique opportunity to take a stake in the most powerful economy on Earth, watch their wealth grow, and start their Investment journey.“
The Trump Account was created under the Big and Beautiful Act signed on July 4, 2025, and is structured as a children’s tax-deferred investment account. Eligible children born between January 1, 2025 and December 31, 2028 who are U.S. citizens with a valid Social Security number will receive a federal seed contribution of $1,000, while families and employers can also contribute within set limits.
Gould said that in addition to helping empower children to achieve the “American Dream,” as the administration celebrates, the accounts would increase financial literacy and counteract what he called anti-capitalist ideology.
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The Trump Account was created under the Big and Beautiful Act signed on July 4, 2025, and is structured as a children’s tax-deferred investment account. (Kevin Lamarque/Reuters)
Fox News Digital obtained Gould’s full remarks to a meeting of the Financial Literacy and Education Committee that focused on the implementation of the Trump account, consumer education and outreach efforts. The committee is an agency within the Ministry of Finance established in 2003 to improve citizens’ financial literacy.
Gould took aim at “collectivist policies” such as socialism, argued that financial literacy requires “a basic understanding of free market principles” and saw the Trump account as a response to what he said was growing anti-capitalist ideology.
Trump Accounts “offer a unique opportunity for all Americans to take a stake in the most powerful economy on earth, watch their money grow, and begin their investing journey,” Gould said. “Trump Accounts offer America’s children the opportunity to experience the best of the free market and own the American dream. They are a direct rebuttal to the philosophical and economic dead ends of collectivist policies.”
“The Trump Account will become one of the most impactful financial literacy tools in our country’s history,” Comptroller of the Currency Jonathan Gould said before the Committee on Financial Literacy and Education. (Al Drago/Bloomberg via Getty Images)
Gould heads the Office of the Comptroller of the Currency, an independent agency within the Treasury Department that oversees all national banks, federal savings associations and branches of foreign banks authorized to operate in the United States
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Recent surveys have found that U.S. adults suffer from financial illiteracy, including data released by the World Economic Forum in 2024 that found that approximately 50% of U.S. adults could not pass a 28-question personal finance test known as P-Fin index. Another study released by WalletHub in 2024 found that Gen Z, the youngest generation in the U.S. workforce, is the generation with the lowest financial confidence, with 85% saying they see one or more barriers to financial success.
In his remarks Friday, Gould went on to say that his goal is “to ensure Americans have the knowledge to navigate the financial system, strengthen the competitive landscape that supports their communities, and have the regulatory structures in place to promote prosperity.”
He added in his speech to the committee that banks should use their credibility and status to protect Americans from the rise of “anti-capitalist ideology” that has exacerbated the lack of financial literacy in the United States and that “too many of our schools and colleges have been teaching harmful and inaccurate curricula for decades.”
“I strongly encourage banks to use their credibility and standing in the community to counter the rise of anti-capitalist ideologies,” Gould said. “These ideologies are rooted in a lack of financial literacy and reflect decades of neglect of harmful and inaccurate lessons taught in too many of our schools and colleges. As one of the core tools of capitalism, banks have a significant stake in this, and they play an important role in shielding Americans from these harmful ideologies.”
On Monday, February 24, 2025, the New York Stock Exchange flew an American flag. (AP Photo/Seth Wenig, File)
“Financial literacy and regulatory reform are interconnected,” Gould said. “When consumers understand banking and regulation, they are less susceptible to misconduct and better equipped to understand how innovation can best serve them, whether it’s digital payments, modern distribution methods or new financial services.”
Some Democratic lawmakers and policy groups have spoken out against Trump’s accounts, claiming they fail to address the financial barriers Americans face or could widen the gap between rich and poor because poor families, unable to increase contributions after seed funding, benefit the least, the Associated Press reported.
president Donald Trump praised the accounts for giving citizens a better chance at achieving the “American Dream,” while adding that they were like “a true trust fund for every American child.”
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“The federal government will also automatically provide a one-time seed contribution of $1,000 to every new American citizen’s Trump tax-deferred account, fulfilling a promise I made during my 2024 campaign,” Trump said when announcing the accounts in December. “By the time the child turns 18, the Trump account should be worth thousands of dollars, and by the time the child is 20 or even 30, it will be worth even more.”
