WASHINGTON — This morning, Speaker Johnson joined Secretary Scott Bessent for a press conference at the Treasury Department to deliver remarks about Trump Accounts – tax free savings accounts for every child born in America. House Republicans passed this transformational provision into law through the Working Families Tax Cuts. Every Democrat in Congress voted against it.
Thanks to Republicans’ landmark legislation, this new, historic savings tool will be available to every American child born over the next three years with a one-time $1,000 seed contribution that grows with the stock market.
“But among all those features, one that I think will have truly lasting effect on the economy and the financial stability of individuals in our country at large is the Trump Account,” Speaker Johnson said. “It is truly going to change the lives of every American.”
Watch Speaker Johnson’s full remarks here
Below are Speaker Johnson’s remarks as delivered:
What an exciting day this is. It’s so great to see you all here at Treasury with our extraordinary Secretary. Scott Bessent is a godsend to America. Can I get a round of applause for our Treasury Secretary?
President Trump will have a lot of extraordinary legacy items that history will record. But one of the best choices early on was selecting this gentleman to serve in this position. And he’s put together an extraordinary team.
And the truth be told, we would not have gotten the big beautiful bill, the Working Families Tax Cuts, done as we did without his steady hand of leadership. Anyone who had a question, I drug them over here to Treasury and made him sit through a little class with the Treasury Secretary and he helped get them to yes. So that’s something history will record as well.
We are so excited about this because America needs this. It’s an idea that is long overdue. People have been struggling. You know, when President Trump came in and this Republican Congress took over in January, with the new administration, we inherited a real mess.
We had four years of Bidenomics, and we all know what that did to people’s pocketbooks, to their outlook on the economy, and to their real experience and having to suffer through record high levels of inflation, lower wages, and less opportunity.
So, when we took the reins of power, we were determined to fix all of that. We had to fix virtually every area of public policy, and we got to work on it. And the result was that big beautiful bill, aptly named by the President, also known as the Working Families Tax Cuts, because that’s what we achieved.
We got real economic relief on the way for the American people. Largest tax cut in US history, largest savings of taxpayers’ dollars at the same time, by the way, no tax on tips, no tax on overtime, real relief for seniors on social security, all the other big benefits in the bill.
But among all those features, one that I think will have a truly lasting effect on the economy and the financial stability of individuals in our country at large, is the Trump Account. And what we’re here to explain and what the Secretary just, laid out is an extraordinary transformational policy. It is truly going to change the lives of every American.
And when we wrote the big beautiful bill, it was geared for lower- and middle-class earners to give relief to hardworking families. And this is one of the primary drivers of that. Now, I’m not going to give you a long speech. I could, because I’m really excited about this and what it’s going to do for our families, for the economy.
But one thing I really like, I think it’s almost poetic, is that the implementation date happens to fall on July 5th of next year, right after our nation’s 250th birthday.
As the Secretary noted, we are the greatest nation in the history of the world, the most benevolent nation in the history of the world, the most successful, most free, most powerful. And there’s a reason for that. I’ll just leave you with that thought.
America is built on these foundational principles, and among them is the idea of the free market, of individual financial stewardship and responsibility. The idea of capitalism is that everybody gets a shot. If you work hard and you play by the rules and you do your best, you can get to the next rung on that economic ladder.
And now with this, there’s a bit of a turbo boost to that idea. And while we’ve always believed in private property ownership, private ownership, as the Secretary noted, now, there is a platform, a new platform for private ownership.
What an extraordinary concept and what a big thing to celebrate as we celebrate our nation’s super centennial, as the President calls it, next year.
The idea that these principles and these foundational premises that make our great nation will flourish in a whole new way.
So, we’re so excited to be a small part of that. We’re so excited for the exceptional leadership, for the vision of President Trump, to do this. I can’t wait to tell everybody about Form 45-47. If we can only put an exclamation point at the end of the form number, that would have even perfect.
This is big stuff for a big, incredible country. So grateful to be a small part of it. Thank y’all so much for being here. God bless.
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