Washington, July 7 (IANS) Some of America’s biggest corporations and financial institutions lined up behind President Donald Trump’s newly launched Trump Accounts programme, pledging financial support and describing it as an initiative that could broaden wealth creation for future generations.
The White House event brought together executives from Wall Street, Silicon Valley and major American corporations, signalling rare public backing from business leaders for a government-backed investment programme aimed at children.
President Trump said several companies had already committed funds for employees’ children while others were making direct philanthropic contributions.
“I’m getting calls from everybody to put money in, and they’re going to put tremendous numbers of dollars in. And these children are going to have actually accounts. They’re going to learn about finance a little bit, they can watch it, all watch it grow together,” Trump said.
Among the largest commitments announced was a $6.25 billion pledge from Michael and Susan Dell to fund accounts for millions of eligible children born before the programme’s rollout.
Micron Technology also announced a $250 million commitment, while Altimeter Capital founder Brad Gerstner said additional pledges from corporate America and philanthropists were expected over the coming months.
Trump said a growing number of employers had decided to incorporate the initiative into employee benefit programmes.
“I also want to recognise all of the outstanding employees who have committed to making contributions toward the Trump account… including Uber, Wells Fargo, Goldman Sachs, Visa, Robinhood, Mastercard, Intel, IBM, AMD, Rusk Industries, and Steak ‘n Shake,” he said.
Treasury Secretary Scott Bessent said the initiative was designed to expand stock ownership among American families.
“Through Trump Accounts our president is creating an ownership economy; an ownership economy where all citizens become shareholders. Thirty-eight percent of American families do not have any exposure to our great equity markets, but with Trump Accounts over time, we can get that number to zero,” Bessent said.
Wall Street also endorsed the programme.
Nasdaq Chair and Chief Executive Officer Adena Friedman said the initiative would allow future generations to participate more directly in the US economy.
“The Trump Accounts are underpinned by the US capital markets… every American will have the opportunity to be a part and share in this prosperity of this nation,” Friedman said.
New York Stock Exchange President Lynn Martin described the initiative as “the purest manifestation” of the American dream, while Intercontinental Exchange Chairman and CEO Jeff Sprecher said it widened access to US capital markets for ordinary Americans.
Brad Gerstner said the long-term ambition extended well beyond the programme’s initial rollout.
“Today is day one… every child in America, all 70 million kids under the age of 18 deserve to have one of these accounts. We’re going to get the accounts open for them. We’re going to get them fully funded,” he said. Gerstner added that supporters believed they could raise more than $100 billion for children’s accounts over the next 12 months.
–IANS
lkj/rs