TRUMP ACCOUNTS

On 2026-06-03, Senator Charles E. Schumer (D-NY) delivered a floor speech titled "TRUMP ACCOUNTS" in the Senate.

TRUMP ACCOUNTS

Congressional Record, Volume 172 Issue 94 (Wednesday, June 3, 2026) [Congressional Record Volume 172, Number 94 (Wednesday, June 3, 2026)] [Senate] [Page S2502] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] TRUMP ACCOUNTS Mr. THUNE. Mr. President, as of tomorrow, we will be one month away from the opening date for Trump Accounts. These are new tax-advantaged investment accounts for children created by the Republicans' Working Families Tax Cut. And as of a few days ago, parents can now download the new app for Trump Accounts. The app will allow parents to track current and projected account balances; schedule automatic account contributions, whether that is $20 a month or $200 a month; and, eventually, choose among multiple broad-based investment accounts, all designed to make investment easy. The app also offers several modules to educate children and parents on investing and to boost financial literacy. Trump Accounts, as I said, were created as part of the Republicans' Working Families Tax Cut law. We call it the Working Families Tax Cut for a reason--because that is whom we were focused on with this legislation. We prevented a massive tax hike on Americans making less than $400,000; made lower tax rates for hard-working Americans permanent; increased the child tax credit, which we had already doubled in 2017; implemented no tax on tips and no tax on overtime to give American workers a further break on their taxes; instituted a new bonus deduction for seniors and more. All of these measures were designed to help everyday Americans and to make life a little easier for working families and help put their dreams within reach. Trump Accounts are a part of that. These tax-advantaged accounts were designed to allow parents to save for their children's future beyond their education: to give kids a nest egg, whether large or small, to help them buy a home or start a business, to help them pursue their American dream. And if kids choose not to withdraw money once they reach adulthood, they can use these accounts as retirement savings, a financial priority for every American. To get savings started for a lot of families, kids born between 2025 and 2028 will receive a free $1,000 for their Trump Account, should their parents choose to open one and opt into the money. That money alone will grow over a kid's childhood. And then, of course, parents will be able to add, as desired, anywhere from a few dollars to up to $5,000 a year. And parents are not the only ones who can make contributions. Employers will be able to contribute to Trump Accounts for their employees' kids. And multiple philanthropists are also offering initial contributions for a lot of American children. All of this is designed to give kids a leg up in the world of savings and investment and, as I said, a head start on their American dream. Musician Nicki Minaj attended a Trump Account summit with the President a few months ago. She grew up in a housing project in a family that faced its share of financial struggles, and now she is raising her own family. And she has said of the Trump Accounts: This program will benefit everyone, decreasing the gap for future prosperity between children who traditionally aren't born with a full bank account and children who are. ``[d]ecreasing the gap for future prosperity between children who traditionally aren't born with a full bank account and children who are.'' Increasing opportunity, opening new paths to prosperity, ensuring that working families can keep more of their hard-earned money, that is Republicans' mission, and the goal of the Working Families Tax Cut. I am proud that working families are benefiting, and I look forward to seeing the opportunities that will be unlocked next month when Trump Accounts kick off. I yield the floor. I suggest the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll. The senior assistant legislative clerk proceeded to call the roll. Mr. SCHUMER. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. ____________________