Comment from H, N
N HOtherIndividual
Summary: The commenter expresses support for the vision of the Trump Accounts program but identifies four specific regulatory and structural concerns that must be addressed before the program's launch. They are calling for clearer investment rules, the imposition of a fiduciary duty, an independent review of corporate conflicts, and increased financial transparency.
I am writing to ask for your leadership on an issue that I believe goes beyond partisan politics: protecting American children from governance gaps in the Trump Accounts program before it goes live on July 4, 2026.
I commend the Trump account program's vision of giving every American child a stake in this country's future. That is precisely why the following unresolved issues concern me deeply — because a program this important to American families should be built on a foundation of airtight integrity.
Four specific concerns I ask your office to address:
1. NO PUBLISHED INVESTMENT RULES: Treasury has not defined which indexes qualify as eligible investments. Families downloading the app today have no way to know where their children's money will actually go. This must be published and reviewed before July 4.
2. NO FIDUCIARY DUTY: The Congressional Research Service — Congress's own nonpartisan research arm — has confirmed the statute imposes no fiduciary duty on anyone. No law currently requires BNY Mellon, Robinhood, or anyone else to put the child's interest first. For a program involving minors who cannot advocate for themselves, this is an unacceptable gap.
3. CIRCULAR CONFLICTS: The firms administering the program — BNY Mellon and BlackRock — are also among its largest corporate contributors and are heavily weighted in the very index funds the accounts will invest in. An independent review of this structure should precede launch.
4. MISSING DISCLOSURES: Not a single periodic transaction report has been filed by White House officials since January 20, 2025 — covering the entire period these corporate relationships were formed. Financial transparency is a reasonable minimum standard when children's savings are at stake.
I believe in the power of long-term investing and can see how American capitalism can be beneficial to this cause. I also believe, as Scripture reminds us, that we should let our good not be spoken evil of — especially when it involves the children of America, who in this matter, have no voice of their own. America's children deserve a program that is genuinely beyond reproach.
Respectfully,