[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.

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