Trump Accounts ‘Transformational For The U.S. Economy’

While speaking outside Dallas in Addison, Treasury Secretary Scott Bessent called the federal government’s new Trump Accounts “transformational for the U.S. economy.”

“This is transformational for the U.S. economy, because 38% of American households own no equity. They don’t get to share in the great growth engine that is the U.S.,” Bessent said. “Giving every child $1,000 – that is going to not only invest everyone in the system, but it is going to engage everyone in financial education.”

President Donald Trump’s administration is planning to launch “Trump Accounts” on July 5, 2026, as The Dallas Express reported. This will offer every American child an investment account with $1,000. They and their families can contribute to this account, which will grow over time. When a child turns 18, the account will convert to an Individual Retirement Account.

Bessent touted the accounts at Old Parkland in Dallas on February 20 before speaking that afternoon at OAK’D BBQ in Addison.

At the barbecue restaurant, Bessent emphasized Trump Accounts’ value to families in securing a home, confronting life’s challenges, and teaching children about finance.

“Everyone understands this administration, led by President Trump, is the most pro-family administration,” he said. “We’ve got to get back to rewarding responsible parenting.”

Bessent said 70% of prospective home buyers get approved but decide not to complete the purchase due to additional costs like title insurance or other incidentals.

“Whether it’s $5,000, $10,000, $15,000 – I think that’s going to be a game changer in terms of leveraging families into homes,” he said. 

Bessent encouraged families to use Trump Accounts to educate children about finance and “kind of make it a part of the family tradition.” He said federal officials have already received nearly 2 million applications.

“I think people are very excited,” Bessent said. “They’re very engaged.”

Celebrities and companies are planning to match contributions to Trump Accounts. Bessent encouraged employers to use them as incentives for their workers and their families, and asked attendees to spread the word.

‘Investing In The Next Generation’

A group of students from Turning Point Prep Year, a post-high school educational program by Turning Point USA, attended the event.  

“It’s investing in the next generation,” said student Kennedi Maldaner to The Dallas Express.

Another student, Samuel Reynolds, said he feels the program could help win young people away from socialism.

“If they can understand how capitalism works and benefit from that, then they’ll want to keep that system,” he said.

Student Ariana Greenwood emphasized an earlier point from Jaco Booyens, a local activist who leads a Christian nonprofit against sex trafficking, Jaco Booyens Ministries.

“It was bringing it back to ‘kingdom-minded financing,’ and I’m really praying that’s what happens,” Greenwood said.

Booyens told The Dallas Express he supports Trump Accounts because he feels they set children up to succeed, not just with money but with hope.

“It’s not just about the dollar amount they’re going to have in their account when they’re 18,” Booyens said. “It’s about hope. It’s about understanding that someone else saw me, someone else thought it was important to give me a chance. Think of the children that come from broken families, broken homes.”

Specifically in the Dallas area, Booyens said he is most excited about how this could help boys without fathers.

“The fatherless generation is an epidemic, and Dallas proper has been hit by it as hard as Harlem, as the Bronx,” he said. “It’s a huge void. Those young guys are not going to have to live on the street, not going to have to go into alternative motives to make a living, but going to be able to go to college.”

Booyens said he feels these accounts will help America by helping its children.

“For many, many, many decades, America has forgotten that our most critical investment will be in children,” he said. “We’re the wealthiest nation on Earth. We have prosperity. This moves the needle to set our nation, not just the individual child but our nation, up to succeed.”

‘The Jewel Of America’

While concluding his remarks, Bessent pointed to Dallas’ successful economy.

“Capital goes where it is treated the best,” he said. “That’s why Wall Street is moving here, because it gets treated poorly in Manhattan.”

Many firms are moving from Wall Street to “Y’all Street” – with Dallas’ new stock exchange raising $63.4 million ahead of its launch this year, as The Dallas Express reported. 

After Zohran Mamdani won mayor in New York City, some Texas leaders are preparing for an influx of businesses. In June, Dallas Mayor Eric Johnson invited economic refugees from New York to the region.

“It is like the jewel of America,” Bessent said. “It is everything the Trump administration wants to do in terms of economics.”