Treasury Secretary Scott Bessent on Monday said the Trump Accounts program has enrolled about 7 million children, calling it “the most successful launch in government history” during a meeting of the Financial Literacy and Education Commission.
The latest enrollment figure is up from 6.5 million children earlier this month. CNBC, which obtained Bessent’s prepared remarks ahead of Monday’s meeting, first reported the updated total.
New Shareholders
Trump Accounts, also known as 530A accounts, were established through President Donald Trump‘s One Big Beautiful Bill Act. The tax-deferred investment accounts are available to U.S. children under 18 with a Social Security number. Children born between 2025 and 2028 are eligible for a one-time $1,000 contribution from the U.S. Treasury, while parents, grandparents and others can contribute up to $5,000 annually. Contributions are invested in exchange-traded funds that track the performance of the S&P 500.
Bessent said the initiative would create “a new class of shareholders,” adding that American families “left on the sidelines of Wall Street for too long” would finally understand “what it feels like to have a piece of the action.” He also said the accounts offer “one of the great real-time learning experiences in the history of the United States” as young adults increasingly turn to “social media, online communities, and AI for financial advice.” According to Gallup data cited by Bessent, 38% of Americans have no exposure to equities.
Momentum Builds
The latest milestone follows growing support for the program from the private sector. Earlier this month, Altimeter Capital founder and CEO Brad Gerstner predicted Trump Accounts could attract more than $100 billion in additional private commitments over the next 12 months. The Bank of New York Mellon Corp. (NYSE:BNY) CEO Robin Vince also said the initiative could help expand stock ownership among Americans who have traditionally lacked access to capital markets.
The program has also drawn criticism. Earlier this month, economist Justin Wolfers argued the administration’s long-term wealth projections rely on optimistic assumptions about investment returns, inflation and future contributions, calling the projections “ridiculous, dishonest and deeply misleading.”
A recent McKinsey analysis estimated Trump Accounts could generate between $80 billion and more than $900 billion in long-term assets for children across all income levels over the next decade, although participation, contribution patterns and sustained engagement would determine the outcome.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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