Fox News on Sunday unveiled the platform of the Democratic Socialists of America (DSA), which includes ending the US Senate and running for president. The co-chair confirms these strong proposals.
A The Trump administration official praises the newly launched Trump Accounts as a way to improve the financial literacy of America's youth and to educate them about capitalism by giving them information that steers them away from “toxic ideas” like socialism.
Comptroller of the Currency Jonathan Gould spoke at the Financial Literacy and Education Commission's planning meeting on Tuesday and said in remarks exclusively reviewed by FOX Business that the Trump Accounts can help Americans understand how the financial system and markets work, showing that the benefits of capitalism.
“When Americans understand how our financial system works, they are better equipped to save for the future, protect themselves from fraud, and participate fully in the world's largest economy,” he said. “For the American people to believe in capitalism, they need the opportunity to participate in it.”
The Trump Accounts were officially launched earlier this month. (Wina McNamee/Getty Images)
“If financial illiteracy leads to the growth of welfare and other toxic ideas on college campuses and in certain cities, the Trump Accounts can be the solution, creating a generation of capitalists who believe in America, build wealth, invest in their communities, and share in the economic success of our nation,” added Gould.
WHAT ARE THE INVESTMENT OPTIONS IN TRUMP ACCOUNTS?
The Trump accounts were created by the One Big Beautiful Bill Act last year and officially launched on July 4.
The program creates tax-advantaged investment savings accounts for eligible children, and those born between 2025 and 2028 are given $1,000 in seed money from the federal government. Parents and guardians may contribute up to $5,000 a year to their children's accounts, while a parent's employer can contribute up to $2,500 a year without affecting the employee's taxable income.
Funds in Trump Accounts can be invested in low-cost index funds with broad, diversified exposure to the US stock market.
GOLDMAN SACHS TO DONATE $1,000 TO TRUMP ACCOUNTS FOR ELIGIBLE CHILDREN OF WORKERS
Ahead of the scheme's official launch, the Treasury unveiled an exchange-traded fund (ETF) that is available to investors now – along with four other ETF options that will be added to accounts as alternatives.
The default investment option is the State Street SPDR Portfolio S&P 500 ETF (SPYM), a low-cost ETF that tracks the performance of the S&P 500 Index. The Treasury Department explained that it offers broad exposure to the US stock market and has a low capital structure below the 0.1% expense ratio limit established by law.
Four more low-cost ETFs that track broad indexes will be added to the Trump account's list of investment options:
- iShares Core S&P 500 ETF (IVV)
- Vanguard Total Stock Market ETF (VTI)
- State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM)
- iShares Core S&P Total US Stock Market ETF (ITOT)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Ministry of Finance indicated at the time of the announcement that it expects the implementation of additional investment options to be implemented in the coming months, which will allow parents or guardians to allocate funds to all additional options.
