Rep. Bennie Thompson, a Mississippi Democrat, said he would “pass on” the Trump Accounts—a new Treasury-run investment program for children—arguing that Donald Trump’s name on a product is a reason to be wary.
Rep. Bennie Thompson (D-Miss.) said Monday that he would not use the new federal “Trump Accounts” program for children, linking his objections to President Donald Trump’s past business branding.
“It’s safe to say, I would pass on a Trump account,” Thompson said in a social media post. “Trump University already taught us what happens when his name is on the brochure. Does a $25 million settlement ring a bell?” (dailywire.com)
Thompson’s post referenced Trump University, a for-profit real estate seminar venture associated with Trump that began in 2005 and was later shuttered; Trump agreed to a $25 million settlement in litigation related to the program. (dailywire.com)
The “Trump Accounts” program launched nationwide on July 4, 2026, according to the Treasury Department, and is designed as a long-term savings and investment platform for U.S. children. (home.treasury.gov)
Under federal guidance and administration materials, accounts can be established for U.S. citizens under age 18, and children born between Jan. 1, 2025, and Dec. 31, 2028 can qualify for a one-time $1,000 federal seed contribution if eligibility requirements are met, including U.S. citizenship and a Social Security number. (irs.gov)
Contribution limits described by the Treasury and mainstream financial guides differ from the $7,500 annual figure cited in some commentary: parents and other individuals are generally described as able to contribute up to $5,000 per year, while employers may contribute up to $2,500 annually, with employer contributions counting toward the overall annual limit. (presidency.ucsb.edu)
The White House, in a statement quoted by The Daily Wire, criticized Thompson’s comments, saying: “Telling your constituents to pass up on wealth because you hate President Trump is a seriously deranged — but not surprising — move from you.” (dailywire.com)
The Daily Wire reported that Thompson did not respond to its request for additional comment. (dailywire.com)
Treasury Secretary Scott Bessent has argued the accounts could also promote financial literacy by letting families watch investments change over time and connect those changes to real-world market forces. In earlier remarks to the Financial Literacy and Education Commission, Bessent said seeing assets grow can help instill long-term habits and can support goals such as education and homeownership. (home.treasury.gov)
