Bessent Says Trump Accounts Have 7 Million Enrollees

According to CNBC, Treasury Secretary Scott Bessent said the Trump Accounts program has signed up about 7 million children, up from 6.5 million earlier this month, and called it the most successful launch in government history. The accounts, also known as 530A accounts, officially launched on July 4 and are open to any U.S. child under 18 with a Social Security number. Children born from 2025 through 2028 can receive a one-time $1,000 Treasury deposit under a pilot program, while parents, guardians, grandparents and others may contribute up to $5,000 per child per year. Those contributions will be invested in exchange-traded funds that track the S&P 500. Bessent said the accounts could create a new class of shareholders, and cited a Gallup Poll showing that 38% of Americans have no exposure to equities at all. A McKinsey analysis estimated the program could generate $80 billion to more than $900 billion in long-term asset accumulation over the next decade, depending on participation and contribution patterns.