Comptroller Gould says Trump Accounts combat anti-capitalist ideology

First on Fox: “Trump Accounts” will operate at the national level Financial literacy The initial toolkit also serves as an antidote to growing anti-capitalist sentiment, according to the head of the Treasury Bureau that regulates and supervises national banks.

“Trump’s accounts will be one of the most impactful financial education tools in our country’s history,” Comptroller of the Currency Jonathan Gould said Friday before the Financial Literacy and Education Committee. “They offer a unique opportunity for all Americans to own a stake in the most powerful economy on Earth, watch their money grow, and start a life of their own.” Investment journey.“

The Trump accounts were created under the Big, Beautiful Bill signed on July 4, 2025, and are structured as tax-deferred investment accounts for the children. Eligible children born between January 1, 2025 and December 31, 2028, who are U.S. citizens and have valid Social Security numbers, receive an initial federal contribution of $1,000, while families and employers can also contribute within specified limits.

In addition to the accounts helping to strengthen children’s ability to secure the “American Dream,” as the administration celebrated, Gould said the accounts would promote financial literacy and combat what he described as anti-capitalist ideology.

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Trump’s accounts were created under the “big, beautiful bill” signed on July 4, 2025, and are structured as tax-deferred investment accounts for the children. (Kevin Lamarque/Reuters)

Fox News Digital obtained Gould’s full remarks at a Financial Literacy and Education Committee meeting that focused on enforcement, consumer education and outreach efforts for Trump’s accounts. The committee is a body affiliated with the Ministry of Treasury that was established in 2003 to improve the financial culture of citizens.

Gould targeted “collectivist politics,” such as socialism, arguing that financial literacy requires a “basic understanding of free market principles” and describing Trump’s calculations as a reaction to what he called a growing anti-capitalist ideology.

“Trump’s calculations provide an opportunity for America’s children to experience the best of our free markets and own a piece of the American dream,” Gould said. “And they are a direct rebuttal to the philosophical and economic dead ends of collectivist politics.”

“Trump’s accounts will be one of the most influential financial literacy tools in our country’s history,” Comptroller of the Currency Jonathan Gould told the Financial Culture and Education Committee. (Al Drago/Bloomberg via Getty Images)

Gould leads the Office of the Comptroller of the Currency, an independent office under the Treasury Department that regulates all national banks, federal savings associations, as well as branches of foreign banks licensed to operate in the United States.

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Recent surveys have found that U.S. adults are financially illiterate, including data published by the World Economic Forum in 2024 that found that nearly 50% of U.S. adults were unable to pass a 28-question test on personal finances, called the Personal Finance Test. P-Fin indicator. A separate study published by WalletHub in 2024 found that Generation Z — the youngest generation in the U.S. workforce — is the least financially confident generation, including 85% who reported seeing one or more barriers to financial success.

Gould continued in his remarks on Friday, saying his goal is “to ensure that Americans are equipped with the knowledge needed to navigate the financial system, enhance the competitive landscape that supports their communities, and have a regulatory structure that promotes prosperity.”

He added in his remarks to the committee that banks should use their credibility and standing to immunize Americans against the rise of “anti-capitalist ideologies” that are exacerbating financial illiteracy in the United States after decades of “disinterest in the harmful and inaccurate curricula that many of our schools and colleges teach.”

“I strongly encourage banks to use their credibility and standing in society to combat the rise of anti-capitalist ideologies,” Gould said. “These ideologies are born of financial illiteracy and reflect decades of inattention to the harmful and inaccurate curricula taught by many of our schools and colleges. As one of the central tools of capitalism, banks have a huge stake in this, and they have an important role to play in inoculating Americans from these harmful ideologies.”

The American flag is displayed on the New York Stock Exchange in New York, February 24, 2025. (AP Photo/Seth Wing, File)

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“Financial literacy and regulatory reform are linked,” Gould said. “When consumers understand banking and regulation, they are less vulnerable to unsound practices and better able to understand how innovation, whether in digital payments, modern distribution methods, or new financial services, can best serve them.”

Some Democratic lawmakers and policy groups have spoken out against Trump’s accounts, claiming they fall short of addressing the financial hurdles Americans face or could widen the wealth gap because poor households unable to add contributions beyond the initial money would benefit less than others, the Associated Press reported.

president Donald Trump He celebrated the accounts as providing citizens a better opportunity to achieve the “American Dream” while adding that they served as “true trust funds for every American child.”

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“The federal government will also automatically make an initial one-time contribution of $1,000 into Trump tax-deferred accounts for every newborn American citizen, fulfilling a 2024 campaign promise,” Trump said in December while announcing the accounts. “The value of Trump’s accounts should grow to several thousand dollars by the time the child turns 18, and even more by the time he is 20 or even 30.”