Treasury Secretary Scott Bessent, appearing on CNBC's Squawk Box Wednesday, declared New York City Mayor Zohran Mamdani the effective leader of the Democratic Party while rolling out the Trump Accounts initiative aimed at broadening stock market participation.
Under the program, children born between 2025 and 2028 receive a $1,000 Treasury seed investment, with an additional $250 for those in lower-income zip codes from private philanthropy. Families can contribute up to $5,000 annually. As of April 2026, 5 million accounts had been opened, 1.2 million children received seed money, and a mobile app launched in May 2026 to simplify enrollment.
Eighty-six percent of participants come from households earning under $200,000. Corporate giants JPMorgan Chase and Bank of America are providing matching contributions, while the Dell family pledged $6.25 billion to fund accounts for children in the bottom 80% of income zip codes.
Bessent's political commentary came a day after progressive allies of Mayor Mamdani swept three New York City House Democratic primaries, unseating two incumbent congressmen. Bessent said President Trump had predicted months ago that Mamdani would emerge as the face of the party's direction.
Bessent framed Trump Accounts as a lasting legacy, built on a foundation of executive action, congressional support, and major private-sector commitments.