No Restrictions on How ‘Trump Accounts’ Can Be Used: Bessent

Trump said other billionaires would also be donating, adding, ‘I’ll be doing it, too.’

Treasury Secretary Scott Bessent speaks with reporters outside the West Wing of the White House in Washington on Oct. 22, 2025. Jim Watson/AFP via Getty Images

Treasury Secretary Scott Bessent said in an interview that “Trump Accounts” established by the administration can be used for any purpose.

For children born between 2025 and 2028, the government will deposit $1,000 into their accounts as a one-time payment under a plan established in the Republican-backed One Big Beautiful Bill Act, which President Donald Trump signed into law earlier this year. Parents or guardians can start contributing to those accounts starting on July 4 of next year.

“It will be invested in a widely diversified, low-cost index, and then it will be available,” Bessent told CBS News’ “Face the Nation” on Sunday.

“It is a piece of the American economy for every child, and they will be able to take it out when they’re 18, or they can convert it to a more IRA-type program and keep it for their retirement.”

When asked by CBS’s Margaret Brennan whether there are any restrictions on how people use money from the accounts, Bessent replied: “No.”

“This is going to bring a whole group of new investors into the market,” the Treasury secretary said.

“We’re going to couple it with a big amount of financial literacy, so that children understand what they own.”

Under the new law, Trump Accounts are available to any American child under 18 with a Social Security number. Account contributions must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, buy a home, or start a business.

The $1,000 deposits are slated to end just after the 2028 presidential election.

Bessent’s comments come as billionaires Michael and Susan Dell supersized the Trump administration’s offer, pledging $6.25 billion—$250 each for an additional 25 million children born before the cutoff period.

“We believe that if every child can see a future worth saving for, this program will build something far greater than an account. It will build hope and opportunity and prosperity for generations to come,” said Michael Dell, the founder and CEO of Dell Technologies, whose net worth Forbes has estimated to be $151 billion.

Trump said other billionaires would also be donating, adding, “I’ll be doing it, too.”

At the same time, the Trump administration has suggested a $2,000 dividend payment to low- and middle-income people in 2026 derived from tariffs imposed earlier this year. Bessent and other White House officials have said that those payments would require an act of Congress, while at least two Republican lawmakers have signaled they may not support the plan.

During a Cabinet meeting last week, Trump again said he backs dividend payments to Americans while also saying his tariffs should generate enough revenue to pay down the U.S. national debt.

Going a step further, the president said he believes the import taxes would allow the reduction or elimination of federal income taxes.

The Associated Press contributed to this report.