Gov. Wes Moore (D-MD) praised the Trump administration on Tuesday for its work launching Trump Accounts, a tax-advantaged investment account for children.
“I will give this administration credit for this, is that we’ve had Democratic presidents and Republican presidents who have not been able to get this done, and it actually got done,” Moore said on SiriusXM’s The Clay Cane Show.
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Moore said the Trump Accounts are something that has been advocated for for decades.
“It’s actually a good idea,” Moore said.
Moore said it’s one of the fastest ways to address child poverty and the racial wealth gap.
The accounts launched on July 4, one year after Trump signed the One big Beautiful Bill Act into law. Tax-deferred investment savings accounts are designed for children, for whom parents, family members, and others can contribute. Funds can only be accessed once the child turns 18.
The Trump administration is also providing a deposit to each account as part of the effort. $1,000 will be deposited for every American child born between Jan. 1, 2025, and Dec. 31, 2028, according to the Trump Accounts website.
The money can be left to grow on its own, and a contribution of up to $5,000 can be made each year.
“This is actually a smart policy,” Moore said. He joked, “I hate the fact that he called it ‘Trump Accounts.’ I mean like, why he put his name on this thing is so unbelievably frustrating.”
Moore said the Trump Accounts give children a chance to grow something that could give them economic mobility and security into adulthood.
TRUMP SAYS HE’S WORKING WITH CONGRESS ON A TRUMP ACCOUNTS FOR ‘GROWN-UPS’
“I give credit where credit is due in the ability to make it happen,” Moore said.
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