Full Breakdown
Gov. Gavin Newsom Praises Trump’s Child-Savings Initiative
8/23/2026, 12:55:44 AM
Newsom’s Unusual Praise for Trump Accounts
California Governor Gavin Newsom, a frequent political opponent of former President Donald Trump, publicly endorsed the administration’s “Trump Accounts” program, calling it “one of the best things” the president has done. He urged Californians to enroll children even if they do not support Trump.
Verbatim Quotes
- “This was one of the really outstanding things this administration has done. They deserve a lot of credit and I hope people get the benefit of this program and don’t look at the politics of it,” — Gov. Gavin Newsom, california governor
- “I’m enthusiastic about encouraging people to get a Trump account,” — Gov. Gavin Newsom, california governor
- “We’re here to encourage people to take advantage of this, to not fall prey to the politics or the cynicism or maybe even the fear that if I download a Trump Account, somehow that means something,” — Gov. Gavin Newsom, california governor
- “Melania Trump deserves a lot of credit because this was one of the gaps with the Trump Accounts is … there [were] eligibility issues around custodial eligibility, meaning guardians, parents, so foster kids in many respects may fall through the cracks,” — Gov. Gavin Newsom, california governor
Program Details and Funding
The accounts were created under President Trump’s “One Big Beautiful Bill,” providing a $1,000 federal seed investment to children born between January 1 2025 and December 31 2028. Parents, guardians, family members, and employers may contribute up to $5,000 per year, which can compound over decades. An Urban Institute survey this year found that 76 % of American adults favor government-backed “baby bonds.”
Philanthropic backing includes a $6.25 billion commitment from Michael and Susan Dell to seed accounts for 25 million children in zip codes with median incomes below $150,000, and a $250 million pledge from Micron Technology for children in Sacramento and Santa Clara counties. According to Newsom’s office, one million families have already claimed accounts, though many remain unclaimed.
Additional Official Responses
Venture capitalist Brad Gerstner, a leading advocate of the program, described the math as “very simple” and framed the initiative as a non-partisan expression of the American Dream. The U.S. Treasury has launched a mobile app to facilitate weekly $10 contributions, which Gerstner suggested could grow to roughly $1 million by age 55.
Future Implementation
Starting later this year, eligible children will receive automatically created accounts, eliminating the need for families to take any action to obtain the initial $1,000. The rollout follows a Treasury summit on January 28 2026 and a June 11 2026 event where First Lady Melania Trump highlighted gaps in custodial eligibility, a concern Newsom said could affect foster-care children.
These developments position the Trump Accounts as a bipartisan effort to expand long-term financial security for the nation’s youngest citizens.