Democratic U. S.
Senator John Fetterman and Republican U. S.
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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.
