Treasury Secretary, US Treasury
FULL SPEECH: Secretary Bessent Speaks to President Trump's Strong Economy - 07/22/26
Secretary Bessent Speaks to President Trump's Strong Economy. July 22, 2026 Join this channel to get access to perks: ...
About Scott Bessent
Treasury Secretary Scott Bessent has been a prominent voice on economic policy, national security, and financial initiatives in recent months. He has discussed the administration's economic agenda, stating that the economy was "growing at 4%" before the Iran conflict and expressing confidence that inflation would return to target. Bessent has touted job growth, saying the U.S. created 900,000 private sector jobs since President Trump took office, and has described the past three months of job numbers as a "blowout." He has also promoted the "Trump accounts" program, which provides a $1,000 seed investment from the Treasury for every child born during President Trump's term, and announced that philanthropists can donate stock into these accounts. Alongside First Lady Melania Trump, Bessent launched "Fostering the Future" accounts, a dedicated savings and investment vehicle for foster youth, which he described as "the most important benefit for young people since the GI Bill." Bessent has also focused on counterterrorism and financial oversight. He delivered remarks on "far-left political terrorism," stating that the Treasury is expanding efforts to identify organizations that abuse charitable and nonprofit structures as vehicles for illicit finance. He argued that "nonprofit status is a privilege" and that the Treasury will hold directors and trustees accountable for their grantees. On foreign policy, Bessent discussed the administration's approach to Iran, saying the U.S. military destroyed a large part of Iran's missile stockpile and that for the first time since 1979, Iranians are willing to discuss their nuclear program. He stated that the Treasury will oversee frozen Iranian funds released from Qatar, with a large portion going to buy U.S. foodstuffs and medicines.
Transcript (7 segments)
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Scott Bessent0:07
Good afternoon, and what a great day to be here in Georgia. And what a welcome we are about to give President Donald J. Trump, who has never stopped fighting for the people of this great state. Now, many of you may think the best part of my job as Secretary of the Treasury is getting calls from the president in the middle of the night. And it's always the same question, 'Scott, I didn't wake you, did I?' So, 'No, sir. I'm always up at 1:52 on Tuesdays.' But, the best part of my job, the best part of my job is to get the chance to get out of Washington to spend time with the amazing people of the United States. And there are few places where you see the strength of spirit and America more than here in Georgia.
You great Georgians don't believe the government creates jobs so much as clears the way for the people who do. You believe that prosperity is built from the ground up, not imposed from the top down. And that small businesses build stronger communities than big government ever could. Cobb County, in short, is Trump country. There's a reason why President Trump won more votes in Georgia than any other candidate in history, and I'm grateful to be with you here today so you can hear directly from him in a few moments. Serving President Trump is the honor of my lifetime and from my view at Treasury, I can tell you that no one fights harder, no one works longer at 1:52 at night, and no president has asked more of his team and of himself so that we can restore American strength and reclaim American sovereignty.
His record speaks for itself. Let me remind you that President Trump has signed the largest tax cuts in American history and made them permanent. Rebalanced global trade in favor of our working families, reclaimed our position as the world's energy superpower, and saved this country by securing its borders. Any single one of these wins would be historic, but taken together, they are transformative. Our economy has now averaged over 100,000 good paying private sector jobs. Let me repeat that. Private sector jobs, not government jobs, for the last 4 months. And real GDP has increased at a rate of 2.7% over the past four quarters. Private sector employment is up more than 900,000 since the president came into office.
The working families cuts delivered the largest share of tax relief directly to millions of low-middle-income Americans. And as administrator Loeffler said, every Democrat in the Senate and House voted against it. Here in Georgia, the tax cuts saved the average family more than $3,100 in their taxes this year and protected over 200,000 jobs. Meanwhile, thanks to President Trump's policies, companies and countries have poured trillions of dollars in new investment into our country since President Trump took office.
More Americans are working than any time in our nation's history. But of all that President Trump has achieved, his most enduring legacy may be the reason we are here today. Trump accounts represent the most successful program launch in government history with more than 6 million sign-ups even before it went live on July 4th. Every child born during the president's term can get a stake in the American dream from day one with a $1,000 seed investment from the US Treasury. And do not listen to the Democrats when they claim that this is a program for the rich. 86% of enrolled children are from families earning less than $200,000. My accounts are reaching the very people they were designed to serve. Of course, for decades the federal government demonstrated its ineptitude at building a product that people wanted and delivering it at scale. Obamacare gave us a website that collapsed the day it was launched. And Obama's so-called My IRA, I'm the Treasury Secretary, I know you remember that. Savings accounts are now defunct because they were such a failure, although not before costing taxpayers tens of millions of dollars. But under President Trump's leadership, we have designed and built a world-class platform. Trump accounts enrolled a million children every single month between announcement and launch. No tech launch in history has seen those numbers. Millions of American youth are now able to watch their investment accounts compound in real time from a couple of thousand dollars in kindergarten to an estimated half a million dollars by retirement age.
It turns out that the federal government was capable of implementing a great program, but all we needed was a new president. And importantly, Trump accounts are no government handout. They are a child's first claim upon the American dream at a time when too many people are taught to doubt it. Look around our campuses and classrooms today, apart from those here, we are of course, you will find that our students are being sold the seductive lie that government can solve every problem, redistribute every dollar, and supplant its judgment for our own. Our children are taught to romanticize an ideology that results in ruin wherever it is tested, to critique capitalism for every one of its flaws, and to forgive socialism for every one of its constant failures. In New York, the current mayor rose to power by repackaging failed ideals of the past as a moral cause of the future. But in Georgia, you know that beneath that youthful veneer lies the oldest impulse in politics, which is to concentrate power and then call it compassion. Show me some place where this has ever worked. Moscow, Caracas, Havana. These workers' paradises have all ended up as deprivation hellscapes. So at their core, Trump accounts represent the triumph of capitalism over socialism.
And now our answer to the next big free stuff, big government charlatan is to build an ownership economy for all Americans. For the 38% of households who do not have a stake in our great equity markets, our capital markets, and American innovation, this is your way to get a piece of the action thanks to President Trump. It is to counter the rising tide of freedom-stifling socialism by creating a new generation of shareholders. And it is to remember that the surest defense of a free society is a citizen who owns a share of it. So, the full reach of this presidency will ripple across generations to come thanks to policies like Trump accounts. But, my own sense of his place in history is already clear. Donald J. Trump is the most consequential president of my lifetime. And I can tell you all share my excitement and welcome him here to Georgia today. So, for everyone in this audience, especially the young people, know that President Trump is creating assets for the American people, not more debt and broken promises. He's creating assets. So I want to thank the families of Wheeler High School for receiving us all so warmly, to the great people of Cobb County for being here, to President Trump for affirming that the American dream belongs to every child, and for equipping the next generation to claim its rightful share of it with Trump accounts. Thank you all very much. It's an honor to be with you here today.