Gavin Newsom hails Trump Accounts as ‘best’ thing the prez has ever done in rare lovefest
See more of our coverage in your search results.
Gov. Gavin Newsom heaped praise on President Donald Trump’s popular “Trump Accounts” that give free money to American kids — calling the policy one of the “best things” the President has ever done in a rare moment of praise for his nemesis.
“This was one of the really outstanding things this administration has done. They deserve a lot of credit and I hope people get the benefit of this program and don’t look at the politics of it,” Newsom said at a press conference Friday in San Francisco.
Newsom was joined by wife Jennifer Siebel Newsom, San Francisco Treasurer Jose Cisneros and venture capitalist Brad Gerstner, who has pushed for the kids’ tax-advantaged investment accounts as part of the nonprofit Invest America.
“I’m enthusiastic about encouraging people to get a Trump account,” Newsom told reporters.
He urged Californians to use the accounts even if they aren’t fans of the president.
California's top news, sports and entertainment delivered to your inbox every day.
“It’s one of the best things he’s done. It’s one of the best things Ted Cruz has done. It’s one of the best things Corey Booker has done — they were out there promoting it,” the governor said.
Trump Accounts were included in the president’s One Big Beautiful Bill and provide children born between January 1, 2025, and December 31, 2028 with $1,000. Parents, guardians, family and employers can contribute up to $5,000 annually to the accounts, which can then compound significantly over the years.
The accounts are one of Trump’s more popular policy proposals, with 76% of American adults backing the idea of government-backed “baby bonds” in an Urban Institute survey conducted this year.
Anyone U.S. citizen with a child 18 and under can open a Trump account, but the free $1,000 is only available to children born in the roughly four-year window. Invest America and its partners are now working to secure philanthropic donations to expand the free seed money to more children.
Donors Michael and Susan Dell this year committed $6.25 billion to seed Trump Accounts for 25 million American kids living in zip codes with median incomes below $150,000.
Gerstner estimated that if families contribute just $10 per week, the funds could be worth as much as $1 million by the time a child is 55. The U.S. Treasury has launched a mobile app that families can use to make contributions.
Starting in October, the accounts will be created automatically so families don’t even have to take any action to receive the funds, he said.
“The math is very simple,” Gerstner said.
“I think the one universal philosophy in America is the American Dream — you have a shot to have economic mobility, the ‘right to rise’ as Abraham Lincoln called it. And that is not a partisan issue,” he shared.
California launched its own CalKIDS program four years ago that provides up to $1,500 for low-income children to support education or training programs.
One million families have claimed the accounts, according to Newsom’s office. However, many accounts have not yet been claimed and Newsom’s office urged families to visit the program’s website to determine eligibility.
Micron Technology has pledged $250 million to support Trump and CalKIDS accounts for kids living in Sacramento and Santa Clara counties and an anonymous San Francisco donor kicked in $3.5 million towards $500 deposits for kids born in the city.
The governor joked he wished he’d called California’s version “Newsom accounts.”
“If I had, everyone would have been so upset and been controversial, but we would have created energy around it and people would have paid attention.”
“[Trump] became president for a reason. He knows how to brand himself,” he said.