WH in-town pool report #8

Johnson, Sen. Ted Cruz, Congressmen Blake Moore and Jason Smith, Treasury Secretary Scott Bessent and Dell founder Michael Dell and wife Susan Dell, among others, for “Trump accounts” announcement in Roosevelt Room.

The Dells are donating $6.25 billion to add $250 each to 25 million investment accounts for children 10 and under who are not covered by the federal program.

“This is truly one of the most generous acts in American history,” POTUS said.

He said the gift was made possible by tax cuts in the One Big Beautiful Bill. He encouraged others to donate.

POTUS said the accounts will be available starting on July 4.

“We believe when children have a future they see is worth saving for, that will build hope and prosperity for generations to come,” Susan Dell said.

Bessent said the Trump accounts will start a “new age of capitalism” for the country.

“Of the many marquee accomplishments of the Trump administration, this will be one that people will remember for a long, long time,” Johnson said.

Cruz said he’s excited that “we’re creating a new generation of capitalists” by giving every children ownership in the biggest corporations in the country. He compares the accounts to 401(k)’s for kids.

Smith announces that he’ll contribute $60 to accounts for each of his four children, age 13 and younger.

POTUS answered some questions from the press.

He said there are educational benefits to the accounts: “They can learn a lot about how life works, how business works.”

Michael Dell said they started with plans to donate a much smaller amount just in Texas and as they got more and more excited about the program, they eventually arrived at the $6.25 billion gift.

“It just shows there’s a tremendous heart in great entrepreneurs,” POTUS said. “He’s a tough cookie, but he’s got a very, very warm spot.”

POTUS said his administration is also looking into replicating a version of the Australian retirement savings accounts program.

He said he looks forward to celebrating the launch of the Trump accounts in his new White House ballroom, which he said is an upgrade people have been wanting for 150 years.

POTUS defended the pardon of the former Honduran president on drug charges: “That was a Biden-inspired witch hunt.”

After bragging about the scale of his 2024 election victory, POTUS exited to shouted questions from the media.