Bessent teases 'big announcements' as Trump Accounts reach 500,000 signups

Treasury Secretary Scott Bessent said "big announcements" are coming ahead of Wednesday’s White House summit on the "Trump Accounts."

The program would provide $1,000 in federally funded investment accounts to every U.S. citizen born between 2025 and 2028, with the potential for the accounts to grow significantly over time. Bessent said additional states and philanthropists will be announced at the event.

"We’re [going to] have some big announcements today on some very important states from some great philanthropists who have adopted their states," Bessent said on "Fox & Friends" Wednesday.

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He noted that 500,000 families have already signed up, with roughly 25 million eligible nationwide.

So far, both JPMorgan Chase and Bank of America have released statements saying they will match the U.S. government’s contribution to the new retirement accounts for eligible employees.

Rapper Nicki Minaj intends to contribute as much as $300,000 to help fund Trump Accounts for her fans, according to reports.

She wrote earlier this month on X, "Early financial literacy & financial support for our children will give them a major head start in life." Minaj added the program makes her "very happy."

Bessent said bipartisan backing for the accounts "speaks to President Trump and the coalition he’s assembled."

Among the first to contribute to the accounts was Dell Technologies CEO Michael Dell. He and his wife, Susan Dell, are contributing $6.25 billion to the program.

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The White House said the Dell contribution will provide a $250 deposit to 25 million children ages 10 and under who were born before 2025 and live in ZIP codes with median household incomes below $150,000.

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Bessent said citizens cannot access the accounts until they are 18 years old, at which point the funds could help pay for a first car, home or college. He added the money could also be rolled into a retirement account and used to supplement Social Security.

The "Trump Accounts" website says the program will launch July 5 and is intended to give children a "huge head start on the American dream."