Democratic U. S.
Senator John Fetterman and Republican U. S.
Senator Dave McCormick made a rare joint appearance at a youth basketball camp in Philadelphia on Monday to promote Trump Accounts, a new federally backed child savings program.
The program, part of the One Big Beautiful Bill Act, provides a $1,000 seed contribution for children born between January 1, 2025, and December 31, 2028.
An additional $250 is funded by a private donation from tech billionaire Michael Dell and Susan Dell.
Families, businesses, and nonprofits can contribute up to $5,000 annually to the accounts. After the beneficiary turns 18, the accounts transition into individual retirement accounts.
Fetterman, who previously voted against the foundational legislation due to cuts to Medicaid and food assistance programs, urged residents to set aside political bias regarding the initiative's name.
"Do not fall into that political trap," said Fetterman. "This isn't some radical thing.
... Do this for your child."
The Pennsylvania senator added that he and his wife plan to open these accounts for their three children, emphasizing the program's role in building generational wealth.
"I am begging your parents to get involved in this," said Fetterman. "It's about all of your futures."
Bipartisan Support for Wealth Building
During the event at the Alan Horwitz "Sixth Man" Center in Nicetown, McCormick addressed more than 100 children to generate enthusiasm for the program's financial benefits.
"Who is excited about getting $200? Put your hands up," asked McCormick.
Following the speeches, both legislators framed the program during a joint interview as an essential mechanism to combat economic disparity and the concentration of capital in the United States.
"This is one of many things that we need to do to think about how we address a fundamental problem — which is, we have a growing concentration of wealth in our country," said McCormick.
Fetterman highlighted the bipartisan alignment by noting the progressive nature of his colleague's economic commentary.
"He was talking almost like a Democrat ... a concentration of wealth," joked Fetterman.
McCormick responded with laughter before addressing the camp attendees about their long-term collaboration in Washington.
"He and I are in this together," said McCormick.
The program has drawn criticism from policy organizations like the Cato Institute, which characterized it as a government welfare mechanism rather than a tax-neutral investment option, noting that it lacks the specific tax-advantaged structures found in traditional 529 education savings plans.
Invest America founder Brad Gerstner, whose nonprofit manages the savings initiative, demonstrated the digital application interface to the children to show how the program integrates into modern education.
"We want kids across the country, when they're in middle school, to be able to open up this on their phone, so it's not some abstract notion that I have money.
This is the way the teachers in public schools are going to be able to teach them about ownership, compounding, financial literacy, et cetera," said Gerstner.
"It's hard to teach kids about money when they don't have any money."
McCormick countered policy criticisms by highlighting that the program allows corporate and philanthropic funding to supplement household contributions while remaining accessible to everyday citizens.
"You're going to share in the prosperity of America," said McCormick. "It's easy.
You don't have to overthink it."
