U.S. Treasury Secretary Scott Bessent, Pa. Republicans tout Trump accounts at state Capitol

This story was originally published by WITF.

U.S. Secretary of the Treasury Scott Bessent was in Harrisburg on Monday to promote new federal savings accounts for children that the Trump administration says will help more Americans build wealth.

“President Trump believes that the American dream belongs to every child and every family,” Bessent said at a news conference at the state Capitol. “Through Trump accounts, we are equipping the next generation to claim its rightful share of it.”

Trump accounts, created under the One Big Beautiful Bill Act, allow children to build a savings to use when they turn 18. Officials are encouraging parents to claim it online or by downloading the Trump accounts app.

All U.S. children are eligible for an account. But those born between 2025 and 2028 will have a one-time $1,000 contribution from the U.S. Treasury.

Adults in a child’s life, along with charities, philanthropists and employers can contribute to the accounts. Donations from friends and family will be capped at $5,000 annually.

Pa. Treasurer Stacy Garrity, the Republican nominee for Pennsylvania governor, said the accounts will pave the way to college for some.

“Trump accounts are here for education, but they go way beyond the classroom, and they can be used for a first-time home purchase to start a business or retirement,” she said.

Officials at the news conference were joined by families with young children enrolled in the program. Emily Kreps, a Harrisburg mom, said the initiative is great for middle-class families.

“We can contribute to save for our children’s future, as well as family and friends can contribute to it, and it’s been a great tool for teaching my children about saving and investing in the stock market,” she said.

“This is how we build an ownership economy in which all citizens are shareholders. Today, 38% of Americans have no exposure to our great equity markets,” he said. “Now, a generation that once might have watched American prosperity from a distance will grow up with a piece of it in their accounts.”

U. S. Congressman Scott Perry (R-10), who is running for reelection against Democrat Janelle Stelson, called the young children at the event the wealthy people of the next generation.

“These are the new people… who are going to come from Harrisburg and do great things and be great members of society because they’re going to have something,” he said.

Perry, who has a history of supporting Social Security cuts, was criticized by the Democratic party for promoting Trump’s agenda.

“With less than a month until Election Day, Scott Perry is hanging out with Scott Bessent — Trump’s Treasury Secretary who has championed privatizing Social Security and embraced the illegal tariffs raising costs for working Pennsylvanians,” Democratic Party Chair Eugene DePasquale said in a statement Monday afternoon.

Bessent said the administration does not plan to cut social security.

“Unequivocally no cuts in Social Security,” he said. “The Trump accounts are a supplement, not a substitute… if they have maintained their Trump accounts into retirement age, then they will also have a substantial nest egg that they can draw upon for their retirement needs.”

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