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Moore flags 5.5M 'Trump accounts'; Treasury says 6M enrolled and cites $6.25B in private gifts
Summary
Rep. Blake Moore pressed Treasury officials on the reach of newly created 'Trump accounts,' citing 5.5 million opened accounts and that 86% are linked to families earning under $200,000. Treasury said enrollment reached 6 million, described learning tools at trumpaccounts.gov and said philanthropists have pledged roughly $6.25 billion.
Congressman Blake Moore pressed a Treasury official on the early rollout of the federal "Trump accounts" program, saying the administration has reported 5,500,000 accounts opened and that 86% are linked to families earning less than $200,000.
"With 86% of them linked to families making less than $200,000, can you speak to what this investment in lower and middle income Americans and children will do for their future?" Moore asked.
The Treasury official said the initiative aims to expand financial inclusion and literacy. "Thirty-eight percent of American households have no exposure to our great financial markets. They believe that they are on the outside looking in," the official said, adding that the program includes learning modules and a public site, trumpaccounts.gov, to help families and children engage with the markets.
The official told the panel that enrollment had reached 6,000,000 "as of this morning" and confirmed the program pp and site will go live to families on July 6. The official outlined permitted uses for the funds at age 18, saying beneficiaries could withdraw for a home down payment, education or roll the funds into retirement accounts.
Moore also asked about private and philanthropic support for the accounts. The Treasury official said donors including Michael and Susan Dell and other philanthropists and corporations have committed money to the program, describing roughly $6,250,000,000 in gifts and noting that some donors are excluding the top 20% of ZIP codes from particular grants. The official said those particular donations will average about $250 per eligible account in the ZIP codes they target.
The congressman closed by emphasizing the program's potential to teach children the basics of saving and compound interest and thanked Treasury staff and partners such as InvestAmerica for early involvement. The exchange ended without a formal vote or committee action; the discussion focused on program rollout, enrollment figures and private funding commitments.
