A Trump administration official is promoting the newly launched Trump Accounts as a way to improve young Americans' financial literacy and their understanding of capitalism by giving them firsthand experience that pulls them away from what he called "poisonous ideologies" such as socialism.

Comptroller of the Currency Jonathan Gould spoke Tuesday at a planning meeting for the Financial Literacy and Education Commission, according to remarks reviewed exclusively by FOX Business. Gould said Trump Accounts can help Americans understand how the financial system and markets work, while highlighting the benefits of capitalism.

"When Americans understand how our financial system works, they are better equipped to save for the future, protect themselves from fraud, and fully participate in the greatest economy in the world," he said. "For Americans to believe in capitalism, they need the opportunity to participate in it."

"If financial illiteracy leads to socialism and other poisonous ideologies proliferating on college campuses and in certain cities, Trump Accounts can be the antidote, minting a generation of capitalists who believe in America, build wealth, invest in their communities, and own a share in our nation's economic success," Gould added.

The remarks come as federal officials are beginning to roll out a program designed to give eligible children an early stake in the market, with the Treasury Department also setting out the first investment option and planning additional choices in the months ahead.

What are Trump Accounts?

Trump Accounts were created by the One Big Beautiful Bill Act last year and were formally launched on July 4.

The program creates tax-advantaged investment savings accounts for eligible children. Children born between 2025 and 2028 receive $1,000 in seed money from the federal government. Parents and guardians can contribute up to $5,000 a year to their children's accounts, while a parent's employer can contribute up to $2,500 annually without affecting the employee's taxable income.

Funds in Trump Accounts may be invested in low-cost index funds with broad, diversified exposure to the U.S. stock market.

Supporters of the program say that, over time, this approach could generate significant returns for beneficiaries based on the historical performance of the U.S. stock market, while also giving families an account structure tied directly to long-term saving and investing.

White House projection on account growth

An analysis by the White House's Council of Economic Advisers (CEA) found that, based on historical average returns in the U.S. stock market, money invested in Trump Accounts could grow into a substantial nest egg by the time a child turns 18, depending on the amount contributed over time. The funds could then be used for education expenses, a down payment on a home or retirement savings.

The CEA found that if maximum contributions are made to an account for a child born in 2026, the balance would reach $303,800 by age 18 and $1,091,900 by age 28 in a medium-returns scenario.

In a low-returns scenario with maximum contributions, the balances would be $187,400 by age 18 and $772,200 by age 28. In the CEA's high-returns illustration, the balances would be $730,400 by age 18 and $1,904,300 by age 28.

If no contributions are made beyond the government's $1,000 seed money for a child born in 2026, the account balance would reach $5,800 by age 18. With continued compounding growth, that total would rise to $18,100 by age 28 in the CEA's medium-returns scenario.

ETF options for the accounts

Ahead of the program's official launch, the Treasury Department unveiled the default exchange-traded fund available to investors now, along with four other ETF options that will later be added as alternatives.

The default investment option is the State Street SPDR Portfolio S&P 500 ETF (SPYM), a low-cost ETF that tracks the S&P 500 Index. Treasury said it offers broad exposure to the U.S. stock market and has a fee structure well below the 0.1% expense ratio limit established by law.

Four additional low-cost ETFs tracking broad indexes will be added to the Trump Accounts lineup:

• iShares Core S&P 500 ETF (IVV)
• Vanguard Total Stock Market ETF (VTI)
• State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM)
• iShares Core S&P Total U.S. Stock Market ETF (ITOT)

Treasury said at the time of the announcement that it expected functionality for the additional investment options to roll out in the coming months, allowing parents or guardians to allocate funds across the added choices.