00:06:00.940They need your help to make sure big abortion is permanently defunded.
00:06:04.980And right now, every gift you make to AUL will be tripled through a $250,000 matching challenge.
00:06:13.140That means your support goes not one, not two, but three times as far to defend unborn children by defunding abortion facilities in America.
00:10:33.640and i just want to thank everybody it's a great it's a great honor we'll have a little fun and
00:10:39.900we want to be exactly on time are we allowed to be 15 20 30 seconds lately
00:10:44.800typically no good job right and i'm gonna ring that bell and does that bill does it stay in the
00:10:52.500white house because i'm not giving it back you got it you got to love the president there
00:10:58.820mentioning that bell senator and also i love the fact that you had the kids in the background
00:11:03.100talking. What a great moment when you're talking about kids' accounts having those kids in the
00:11:06.900room as well. Well, and those were kids there hearing about their future, about investing for
00:11:12.660their future, and also about becoming capitalists, becoming investors in the biggest employers in
00:11:18.280America. All right, Senator, I want to play your comments as well that you made in the Oval
00:11:23.000after the president talked about the importance of these accounts. You shepherded this through
00:11:28.680the Senate. The president was very appreciative, and that's why you were there. And I want people
00:11:32.660to hear what you had to say as well mr president this program you know a second ago brad made
00:11:39.660reference to 1935 and social security trump accounts are in many way donald trump's new deal
00:11:47.900but instead of having government taking care of everyone trump accounts are about making every
00:11:55.460child and every American a capitalist. Every one of our kids is now going to be an owner
00:12:03.420of the biggest producers in our country. Kids, you guys there, each of you are getting an
00:12:08.500account. These folks here gave you $250. That's a lot of money that you have right now. And
00:12:19.220you know what? With that $250, you've purchased a little bit of a bunch of big companies. You know
00:12:26.480McDonald's? You now own a little bit of McDonald's. When you go to McDonald's, you can look around and
00:12:34.580say, I own this place. If you get on an airplane and fly, you look at a Boeing airplane, you now
00:12:42.460own a little bit of boeing can you believe it you're an owner of boeing that is transformational
00:12:51.020that changes the way every child looks at the world and the ability to accumulate
00:12:56.300life transforming savings hundreds of thousands millions of dollars for the kids of single moms
00:13:03.100that is powerful mr president in particular i want to thank you for your unequivocal commitment
00:13:09.180that this administration, your administration, is going to auto-enroll every child in America.
00:13:16.160All 70 million children will have accounts open for them,
00:13:19.720accounts that can then receive gifts from people like Michael and Susan and Brad.
00:13:25.720Accounts that, let me say to every parent at home, please right now go to trumpaccounts.gov.
00:13:31.660Go to trumpaccounts.gov, sign your kids up.
00:13:34.800To every employer, if you're not contributing to the accounts of the employees of your kids,
00:13:39.020do so now match their contribution double their contribution and to philanthropists go adopt a
00:13:45.980state go adopt your city go adopt a school go say the kids in my community the kindergarten class
00:13:52.940here we're going to help them get started this is a moment i believe transformational
00:13:59.740to make sure the next 250 is even better than the first thank you mr president
00:14:03.980all right senator i gotta say i think one of the best things that you said in that moment there
00:14:12.440was the fact that you painted a picture for other philanthropists what michael dell and his wife have
00:14:17.220done and others on a grand nationwide scale is truly incredible but there are a lot of people
00:14:22.480that could do this in their hometown i was thinking my hometown where i was born raised in memphis
00:14:27.460and there's a company like fedex that's there auto zone that's there international paper
00:14:32.080Those are three companies that could say we're going to adopt the city, as you just mentioned, or the county and have a massive impact and donate into these accounts.
00:14:40.980I hope that there's a lot of philanthropists, a lot of businesses that will look at their hometown, whether it's a place like, you know, Milwaukee and Harley-Davidson or Ford and a place like Detroit.
00:14:52.040You never know how that could change different cities in a major way as well.
00:14:55.880Well, the way we designed the program, the way I wrote the legislation, every newborn child has $1,000 automatically seeded into the account. So if you have a baby this year, $1,000 immediately appears in that account. And then parents and family and employers can invest up to $5,000 a year in a tax-advantaged account.
00:15:15.900and all of that money gets put in the stock market, in the S&P 500. And we deliberately
00:15:23.800wrote it so that there were two accelerators to make the capital appreciation happen more quickly.
00:15:31.000Number one, employers contributing and matching. And this is a big deal. Think about 401ks.
00:23:30.960So we're sitting there on vacation, playing at the beach.
00:23:33.340Really good, you know, good family vacation.
00:23:36.280And 1130 at night, I'm on the phone with the president.
00:23:39.120And I said, Mr. President, this is messed up.
00:23:41.900and i need you to fix it and there were three issues number one the career lawyers trying to
00:23:49.860prevent targeting gifts to where the donor wants to target them yep number two treasury had been
00:23:57.220resisting allowing individual gifts of stock so for example something that happened this week
00:24:02.840gwen shotwell the president of spacex announced that she is giving and her husband she and her
00:24:10.620husband together are giving $325 million in shares of SpaceX. And those are shares of SpaceX that
00:24:20.460are going to be directed, I believe, to kids 11 to 18. She picked a different age window than Dell
00:24:25.140did. And so kids 11 to 18, and she has a few other criteria, they will actually receive a share of
00:24:33.960SpaceX in their Trump account. Which is unbelievable based on what that could become.
00:24:39.700You go back and look at SpaceX's price and you look at things like Tesla, you look at things like Walmart, you look at things like, I mean, the list goes on.
00:24:48.580Tesla, you look at these companies, what one share is worth can change these kids' lives literally.
00:24:55.560Well, and I am having multiple conversations with major, major company owners and tech entrepreneurs about doing the same thing.
00:25:05.440And so the accounts being able to receive an actual share of stock, you can think of all of the other stocks, whether it's SpaceX or Tesla or Google or OpenAI or Anthropic, you know, you look at these big, big companies where I will say there is real interest in giving stock as a charitable gift to the kids of America.
00:25:31.080And that really is transformational. In terms of growth, I think the growth trajectory of
00:25:37.080especially those tech stocks, it historically has been incredibly high, and I think it's likely to
00:25:42.600continue to be very, very high. But Treasury had not yet put out any guidance that Trump accounts
00:25:50.660could accept single stock gifts. So that was the second issue. And then the third issue was auto
00:25:56.620enroll. I wrote this bill so that every child in America, all 70 million kids, would automatically
00:26:05.320have an account open for them, that you wouldn't have to do anything to go and affirmatively open
00:26:10.380the account. Rather, if you're a kid, you're under 18, the government opens the account,
00:26:15.280it is there for you. The reason auto enroll matters so much, if you look at, there have
00:26:21.900been states that have done similar things to what this program is. If you look at Rhode Island and
00:26:26.280Oklahoma, for example, they've done similar things. In one of them, they had opt-in. In another,
00:26:34.200they had auto-enroll. The one that had opt-in, only 50% of the kids participated. The one that
00:26:39.720had auto-enroll, 99% of the kids participated. So the difference is massive. If you don't have
00:26:45.760auto-enroll, a large chunk of kids will never get the account. And I want every kid, and in fact,
00:26:53.080it's worse than that. The ones who are less likely to go open the account are low-income kids or kids
00:27:00.500whose families are not financially sophisticated. And the entire point of this program, frankly,
00:27:06.600it's not for the kids of rich people. The kids of rich people can use it, but those parents are
00:27:12.060often already working with their kids to invest. That's already part of what they're doing with
00:27:16.480their kids. The reason I'm so excited about this program is the kid of a single mom who herself
00:27:24.460doesn't know anything about the market, that kid will have an account and will learn about
00:27:30.380compound growth, will learn about ownership. You know, when I was talking to the kids that
00:27:35.300were in the Oval and I was explaining, you guys just got $250. And I was pointing to Michael and
00:27:40.260susan dell behind me they gave you 250 and you couldn't see that on the video but the kids who
00:27:46.940were really cute they were all i would say kind of seven to ten years old the sort of look of wonder
00:27:52.680what somebody gave me 250 wow and and and explaining to them you now own mcdonald's not
00:28:00.540all of it but you own a little bit of it you own boeing you own apple um that is really what gets
00:28:07.720me excited about this. But on auto-enroll, the career lawyers in Treasury were fighting tooth
00:28:15.240and nail. So I got President Trump on the phone 1130 at night, I think it was July 1,
00:28:21.240explained to him those three issues and said, look, this is a problem. You care deeply about
00:28:26.360this program and the career lawyers at Treasury are blocking it. He said, Ted, let me call Scott.
00:28:31.480i'll call you right back so he hung up the phone he called besant um i will say the conversation
00:28:38.580i feel confident was frank and candid uh and and there may have been some words used that are at
00:28:45.360least pg if not r-rated um if you've ever been at the other end of one of those phone calls oh yeah
00:28:52.500i i have you have as well i'm pretty sure uh yeah they're usually up there in the in the pg 13 plus
00:28:58.360scenario. And if he's not happy, he lets you know right away, you know, where you stand.
00:29:03.440And so then 20, 30 minutes later, about midnight, I get a call from Besson,
00:29:08.580who's Scott's really mad at me now. And so Scott's yelling and dropping some F-bombs in my direction.
00:29:14.380And he's like, you know, why do you get the president all spun up? And I'm like, Scott,
00:29:18.060I've been talking to you about these issues for a year. It is July 1. The program is going live
00:29:24.660on July 4th. I said, listen, you want this to be a total success. I want this to be a total
00:29:29.240success. We're on the same page. We just need to get it done. And so what ended up happening
00:29:36.200because of those, and then I talked to Trump later that night. I talked to him about 7 a.m.
00:29:40.620the next morning, but he was driving saying, fix it, fix it, fix it. Several things happened
00:29:45.700because of those phone calls. Number one, Treasury put out a guidance saying Trump accounts can
00:29:51.220receive single stocks so that you can now get the SpaceX, you can get, the kids can get single
00:29:56.720stocks that are given. That's going to unleash billions and billions in new charity to kids.
00:30:02.000Number two, they made clear the Dell criteria and other donors can tailor their gifts. That's now
00:30:08.280clarified. Senator, I want to go back to something that you mentioned a moment ago,
00:30:12.920and this fight over auto-enroll. People are listening, they're in different states.
00:30:16.480Is this a D.C. issue or is this a state advocacy issue where you can get your state to do something?
00:30:23.760I think it's an important question to ask and answer because you mentioned two states earlier that they did enrollment for their kids accounts a little differently.
00:30:31.000One was you auto enroll. One was, you know, opt in. And it was a big difference.
00:30:34.940So what should Americans be advocating for right now and where does that go next?
00:30:39.420Yeah, this is a D.C. issue. This is a Department of Treasury issue.
00:30:42.760the two states i mentioned rhode island and oklahoma those were state programs those were
00:30:47.120smaller programs that were sort of similar that they'd set up at the state level uh here as a
00:30:52.280result of my conversations with the president and with the treasury secretary what they did do is
00:30:57.000announce prior to july 4th that the social security administration when a new child is born
00:31:02.600is going to work with that child's parents to open a trump account at the time of birth
00:31:08.540It's unclear if that is full auto-enroll, but it is at least a significant step in the direction of auto-enroll.
00:31:16.900That's helpful, because if we get auto-enroll on birth, that's a good thing.
00:31:20.740You get about 3.7 million newborns a year, so that automatically opening those accounts matters.
00:31:28.040They have yet to do auto-enroll for all kids up to age 18.
00:31:34.220There are about 70 million kids in America that are under 18.
00:31:38.400My objective is every one of them will have an account.
00:31:51.840If a kid doesn't have an account, he can't get the money Michael Dell is getting.
00:31:55.340He can't get the share of SpaceX that Gwen Shotwell is getting.
00:31:58.820You have to have an account to have a bucket to be able to receive that philanthropy.
00:32:04.860And the purpose of this is to get everyone, to get kids understanding what it means to be an owner, to be an investor, to have a stake in the economy.
00:32:15.380That's what got me so excited about this idea.
00:32:18.700And where it stands, you know, if you listen back to what I said at the Oval Office, I said at the Oval, and very importantly, President Trump is committed to auto-enrolling all 70 million kids.
00:32:32.400Now, the president has said that before. Scott Besson has said that before. But again, the Treasury career staff, the lawyers are still fighting back. We're going to get it done. I believe we will get all 70 million auto-enrolled. It hasn't happened yet. Millions of kids have enrolled, have gone and gotten the apt and enrolled.
00:32:51.540So there's already a lot that has happened, but my objective is, and I'd like to see it in the next 60 days, all 70 million kids have the account opened.
00:33:03.600And by the way, one of the arguments the Treasury staff pushes back is they say, well, what about fraud?
00:33:24.240But I said, look, fraud, you can check fraud on the back end and you can vigorously check fraud on the back end to make sure that a kid is a real kid, that they're the person, that it's not somebody else.
00:33:36.700that doesn't stop you from opening the account because when you open the account at least
00:33:41.060initially the account is in government custody so there's not a fraud risk until the money is
00:33:47.420going physically to another person you can check fraud on the back end the long and short of it is
00:33:53.340i have a high level of confidence and i will say after the event i stayed in the oval with president
00:33:59.100trump and michael and susan dell and brad gerstner and and we stayed for another 30 40 minutes just
00:34:04.740just the five of us talking about the need for auto enroll. And the president was unequivocal.
00:34:11.840We are going to get it done. And so so I'm confident we're going to. But that is a really
00:34:18.120big deal. Yeah, it is. All right. I got to ask the cynical question as well. And there's people
00:34:22.820they're going to say, Democrats may try to undo this down the road. Do they have the power? Is
00:34:28.540this one of those things like once it's there, it's there. They can't shut it off and unwind
00:34:33.520it and undo it easily because this is something I hope stays indefinitely. You know, there is very
00:34:40.800little opportunity for Democrat mischief on this because this is not a government program that is
00:34:46.760the government, say, you know, providing ongoing welfare, doing ongoing things. What this is simply
00:34:53.340is creating these accounts. The thousand dollar seating is automatic, but at the end of it,
00:34:59.120the money is the kids. So look, if the money was the government's, the government could use them
00:35:04.920for something bad. But think about your 401k. Think about your IRA. Yes, it's the government
00:35:11.040that created the vehicle, a 401k account or IRA account that you could invest it. But you're not
00:35:17.140terribly worried about the government coming in and spending your 401k on something that you don't
00:35:22.420approve of. It's yours. You control it. That's the way we structure this also. These are 401ks
00:35:29.040for kids. A couple other points on this. The Trump administration has been very vocal
00:35:35.140about wanting to take equity stakes of companies. So for example, they took an equity stake of
00:35:41.440Intel. They're talking about wanting an equity stake of OpenAI. I've expressed very real
00:35:48.000concerns. I don't like the government owning parts of companies. I think that is a very bad precedent.
00:35:53.980Your question, what happens when the Democrats take over? Look, if the government is a major
00:35:58.320shareholder in companies, they will use that power for bad ends. So I don't like that outcome.
00:36:05.020I'll tell you what I'm suggesting to President Trump. All right, if you want to take equity
00:36:09.040stakes in companies, rather than have the government keep those stakes, take the five
00:36:16.360or 10% of Intel or OpenAI or what have you, and put them in kids Trump accounts, give them to the
00:36:22.040people, get them out of Washington. That is perfectly okay and could end up having an
00:36:29.460enormous value because again, the more you accumulate quickly, the faster these accounts
00:36:37.060grow. And the beauty of that is once the money goes to the kids' accounts, the danger of government
00:36:43.820mischief is substantially lower. I will point out there are multiple Democrats now celebrating the
00:36:51.020Trump accounts. I want you to listen to Wes Moore, Democrat governor of Maryland, talking about the
00:36:55.700Trump accounts. I will give this administration credit for this, is that we've had Democratic
00:37:01.260presidents, Republican presidents, who have not been able to get this done, and it actually got
00:37:06.160done. So I actually, this is actually a smart policy. I hate the fact that he called the Trump
00:37:13.240accounts. And here's Democrat Cory Booker also praising the accounts.
00:37:18.360American Opportunity Accounts or baby bonds are now live. These are private tax-advantaged
00:37:25.680interest-bearing savings accounts that will be assigned to every child's social security number
00:37:31.140at birth. Senator Cory Booker says each account will start with $1,000 from the federal government.
00:37:38.520We're doing this today, but 20, 25 years from now, the ground that we're seeing is going to reap a
00:37:44.980harvest beyond our dreams that will truly astonish each and every one of us and our nation.
00:37:50.600Senator Booker has been looking forward to making this possible for years.
00:37:54.980He believed this will help close the racial and economic wealth gap
00:37:58.660by allowing every child to benefit from the financial power of compound interest.
00:38:04.120Senator, this goes back to exactly what you said.
00:38:06.640When you hear Republicans and some leading Democrats saying the same thing,