Good afternoon and welcome to the roundtable that we're doing of CEOs and major Texas and national leaders on the Trump accounts. The Trump accounts, signed into law one year ago on July 4th, are one of the most transformational policies ever enacted into law. They went live this last 4th of July, our nation's 250th birthday. Every child in America is going to have a personal investment account that he or she owns, that is theirs. Every newborn is already having a $1,000 seeded into that Trump account, and parents and family and employers can all contribute up to $5,000 a year in a tax-advantaged account—all of that invested in the stock market, invested in the S&P 500.
The advantages of this are massive. Number one, every child in America is going to experience the miracle of compound growth. The kids of single moms waiting tables are going to be able to accumulate over time hundreds of thousands of dollars in a personal investment account that they own and control. That changes their entire future. And everybody's exciting. We are creating a whole new generation of capitalists as our kids will be the owners of the biggest employers in America. That is going to change this entire country.
The Trump accounts legislation was specifically written so that there are two accelerants to make the assets accumulate faster. Number one, employer contributions. Just like 401(k)s where employers can contribute, employers can match. The same is true with Trump accounts. And I believe within a few years we will see this as a standard employee benefit across the country. Number two, charitable gifts. These accounts were specifically designed to be able to receive charitable gifts. We have already seen massive charitable gifts, including from Michael and Susan Dell giving $6.25 billion, giving assets directly to kids to help them accumulate savings, investments, and have a transformed future.
This is an exciting time for Texas. It's an exciting time for the country. And speaking of employers who are stepping up to make a big difference, I want to recognize the first speaker here, Robert Isom, the CEO of American Airlines Group. Robert, welcome.
Senator, thank you. Good afternoon, Senator Cruz. Thank you. Thanks for bringing together leaders from across Texas and the business community for today's discussion. At American, our purpose is to care for people on life's journey. And for more than 130,000 team members, that means creating opportunities not only in the workplace, but also opportunities to support our families and their futures. And we're grateful for the Trump administration and Congress for establishing the Trump Accounts program, which will help create new opportunities for families to save and invest in the future. And Senator Cruz, thank you for championing this program. And Michael, thank you for your generosity.
That generosity is a fantastic example for other leaders and corporations across the United States. And today, I'm proud to announce that American will build on that investment with a new benefit for our team members and their families to help create an even stronger financial future for the next generation. As detailed earlier, eligible children born between 2025 and 2028 can receive a $1,000 federal contribution through a Trump account. American will match that investment with an additional $1,000 contribution for eligible team members' children. And we're not stopping there. To ensure as many team members as possible can participate in the program, our team members will also be able to make a $2,500 pre-tax contribution annually to Trump accounts to help build long-term financial security for the next generation.
This will provide a benefit to tens of thousands of our team members. And this builds on the investments we're already making in retirement savings, healthcare, and financial wellness. It's another way we're helping our team and our team's families create a stronger foundation for the future. At American, we employ more than 40,000 team members in the state of Texas. And we're so proud to support them and to help create a prosperous future for them and their families. Our team is the reason why American succeeds every day, and supporting them and their families is one of the most important investments that we can make. And so I'd like to thank everybody here, and thank you for the opportunity to announce this great program for our team, and I look forward to the discussion that's going to happen soon. Thank you.
Robert, thank you. And thank you for your strong leadership at American Airlines and the difference that you're making for your employees and, even more importantly for today, for the kids of your employees and for the future that they have because of American's investment. And I am hopeful we are going to see more and more companies following the lead and stepping forward and saying we're going to provide and help our employees set their kids up to be investors, to have skin in the game. Now I mentioned there are two ways of accelerating. One is employer contributions. The second is charitable contributions. And we saw one of the most extraordinary charitable contributions in our nation's history when Michael and Susan Dell, proud Texans, proud Austinites, proud Longhorns, one of the greatest entrepreneurs the state of Texas has ever produced, and a good friend—Michael and Susan are deliberate about their philanthropic giving.
They understand the responsibility of making sure that when you're giving resources, that it actually goes where it makes a difference. And so they stepped forward with $6.25 billion, $250 directed to kids under age 10 in zip codes where the median income is $150,000 or less—targeted, precise, but putting those kids on a path to achieve the American dream. And as enormous a number as $6.25 billion is, I'm going to make a prediction that in time, that number is going to be dwarfed by leader after leader after leader following Michael and Susan's lead and realizing, if you want to make a difference for the future of this country and the kids of this country, there are very few more effective ways to do so than by contributing to Trump accounts and putting those kids on the path to being owners of the future. Michael Dell.
Thank you, Senator Cruz and Robert. That's awesome news. We appreciate that. American Airlines' commitment to its employees and its families will make a real difference in their future, and we hope that it inspires more companies to step forward. You know, every CEO knows that the best investment doesn't just produce returns; it actually expands what's possible. And there's no better investment than investing in every American child and giving them a stronger start. With the 538A Trump accounts, every newborn American child will begin with $1,000 invested in America's greatest companies, participating in the growth of the economy and compounding for their future.
This is a super powerful idea, and from the very beginning, every child will have a stake in America, and now businesses can build on that foundation. Dell Technologies was there from the start. We committed to matching that $1,000 for eligible children for our team members. And you know, for a company, this is a pretty modest amount of money, but for a child and their family, the decades of compounding can be transformational. Susan and I also wanted to do our part. As Senator Cruz mentioned, through our philanthropies, we're contributing $250—since it's the 250th birthday of America, we thought that was a good number—to 25 million American children. And I'm very proud to say that as of this morning, the first funds are already moving to activated accounts for children here in the great state of Texas, with children across the country to follow soon. We are humbled to be part of something much bigger than any one company or family. Now imagine what happens when companies and families across America join in. Capital ownership, opportunity compounding over a lifetime—that's how we widen opportunities. That's how we strengthen American families and invest in America's future. Now, I think I'm going to turn over to Frank. And I'll just have to say Frank and his team—thank you, John—have been incredible partners in making all of this happen and operationalizing it, which is not the easiest thing in the world. So, Frank.
Thanks, sir. Well, that's quite a humbling moment. Michael, as I go on to say later again, is one of the great CEOs in the history of America, and it's been my honor to work with him for over 30 years. Welcome. Thank you for all coming. Today's a great day, and you just heard elements of it. I want to start by thanking President Trump for giving me the opportunity to serve our country, and thank you to Senator Cruz for hosting us today in the great state of Texas. It's my honor to be here, as I said before, with one of the greatest CEOs of America, Michael Dell. And I'd like to thank him and Susan for all they have done for our country in so many ways, and now beyond anything anyone could have ever imagined. It will change lives forever.
It is my honor to work with Treasury Secretary Scott Bessent driving the Trump account agenda. For those who don't know me, I'm the 18th confirmed commissioner of the Social Security Administration and the first ever chief executive officer of the Internal Revenue Service, and have been given the opportunity to drive the Trump account agenda. On July 4th, 2026, Trump accounts officially launched following the enactment of President Trump's historic working families tax cuts. Why we're here today is to spread the word about Trump accounts. You heard from two great CEOs of what they're doing, and we're going to talk to a whole bunch of others after. We want everyone to know this is an important tool for giving children a financial head start. Trump accounts will change the lives of generations of American children.
In a few moments, we'll be hosting a roundtable with the leaders of Texas companies, great Texas companies, great Texas business leaders, and we're going to talk about the benefit of Trump accounts and discuss how employers can support workers who open accounts. As President Trump has said, Trump accounts are a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation. Trump accounts have had a strong start. We've opened more than 7 million accounts, more than 1.4 million elections for the special $1,000 pilot program contribution, and that number is growing every day. Trump accounts can also receive contributions from many different sources, and you're hearing about them today: family members, friends, parents, employers, and patriotic Americans who are supporting through their charitable giving, led by Susan and Michael Dell.
Today, when we meet with Texas executives, we'll be talking about the opportunity for employers to make tax-free contributions of up to $2,500. As a two-time public company CEO over 13 years, I know the importance of taking care of your employees, and this is another tool in an employer's ability to attract and retain great talent. We are providing critical support to employers who want to make contributions to Trump accounts. We have tremendous expectations for the future. Our objective: 70 million children under 18 having a Trump account. That's right, everyone. We have incredible support for Trump accounts from the business community to date. And as you hear right here today—and I guarantee you'll continue to hear, and the great work of Senator Cruz to get us to where we are—philanthropists and corporations are continuing to call, to donate, and to want to be part of this. The great American Airlines you heard here today. Again, a special thank you to Michael and Susan who led the way, the first ones to step up, creating an opportunity and giving a monumental donation to Trump accounts. Their support is truly amazing. In closing, I'm fully committed to delivering on the president and Congress's vision to change the lives of current and future generations of Americans through Trump accounts. Thank you. I think it's my good friend Brad.
Well, and here I'm going to introduce Brad for one second, which is Brad is the CEO of Altimeter Capital, and the Trump accounts are Brad's brainchild. Brad and his two teenage sons came up with this idea. Brad worked relentlessly with his boys, building support, assembling support in the business community, recruiting Michael to be the chairman of the CEO Council of Invest America. And Brad came two years ago to my office and pitched this idea to my office. I thought it was a fantastic idea. And we sat down and wrote the bill that became the Trump accounts. But the Trump accounts do not happen without Brad's tireless leadership: Brad Gerstner.
Thank you, sir. Well, it's great to be here on an incredible day, and this truly is the dream team. Robin, Bank of New York Mellon, we couldn't execute these accounts without you. Michael Dell, of course, Michael and Ted, Senator Cruz, the two best partners a founder could ever dream of—warriors. You know, I was told time and time again over the last five years, this will never happen. The idea was very simple: we've talked about the wealth gap in this country for 30 years, but we've never done anything to change the wealth gap. There's only one way to change the wealth gap: to give everybody capital from birth. You see, over the last 30 years, labor has only compounded at 1.5 times, but capital has compounded at 10 times. The only way to close the gap, to make everybody feel like they're on the team in the American dream, is to give them capital from birth.
That's what the Invest America Act did. It was a bold and courageous piece of legislation championed by this senator. And let me tell you, I stomped around Capitol Hill for years. Everybody loved the idea, but it's amazing in Washington: everybody loves the idea, but nobody can find their pen to actually begin drafting a piece of legislation. It takes an entrepreneurial warrior like this senator who says, "I'm going to make this happen." It doesn't happen without that. And then Michael Dell, through our partnership from day one, did the work, did the study, said, "If we could make this happen, it would change the country." And together, talking with the president, getting the president's entrepreneurial leadership—and you know, when we saw President Trump, it would have been very easy for him to say, "Great idea, talk to my people," and this would have went to die like every other idea. Instead, he said, "I'm calling the Speaker and telling him to put it in the bill." And the only way we could put it in the bill is if we had drafted the legislation, scored it, and had it ready to go. That's why this became the law of the land.
But why I'm so excited to be here in Texas today is there's 7.3 million kids in the state of Texas eligible for a Trump account. Hundreds of thousands have already claimed their account, but we're going to get all 7.3 million signed up. Stay tuned. In the months ahead, because of the leadership of Frank, we're going to make sure that no child in this country is left behind. The president said very clearly, every child. The Invest America Act left the discretion to the Treasury Secretary and to Frank to get every child automatically signed up for an account. And that's what we intend to do. And when we do that, we've raised private capital led by Michael and Susan. I'm contributing to kids in the state of Indiana, Ray Dalio in Connecticut, and many, many others. We have private philanthropy going into the accounts of 40 million American kids, and way more behind it. I am telling you, because of the leadership of folks here in the state of Texas led by your senator and led by Michael and Susan, the rest of the country is following. States are competing. They're all running quickly. But the senator made clear to me and Michael made clear to me: Texas is going to lead. Texas is going to have the most money per account of any state in the country. I'm thrilled to be here with the leaders to help make that a reality. Thanks for having me.
And let me finally recognize Robin Vince, the CEO of BNY, which is playing a critical role in implementing and putting the Trump accounts into effect. Robin.
Senator, thank you very much indeed for having us. And to echo what's already been said: thank you to you, thank you to the president, thank you to the Treasury Secretary, thank you to Frank, thank obviously to Michael and Susan Dell, and to Brad for powering the idea, and also to Vlad Tenev, the CEO of Robinhood, who has been our launch partner at BNY, the Bank of New York Mellon, from the beginning in actually bringing this to reality. BNY has been part of the American story and the American dream since day one. We were founded before the Constitution was ratified, and our founder, Alexander Hamilton, had a very clear view of the importance of capitalism and capital markets to draw people in and to bind the country together. He believed in the full faith and credit of the United States being one of the reasons that would bind the states. So we have operated at the heart of financial markets since that time.
And as we think about Trump accounts and the vision that's been brought by the people standing behind me and others, it is that vision to continue to bind America together by putting money right from birth, leveraging the power of capital markets, the power of compounding, the power of investing to allow every American to enjoy and benefit from capitalism as we can today. There are four in 10 Americans who are not participants in capitalism in terms of having savings, having a stake, having a vested interest. And we need to make that everybody to fully realize the American dream. Now, just remember the power of compounding. It's been referred to so many times, but that $1,000 seed investment from the Treasury, together with hopefully more and more matches from employers of another thousand, that $2,000, using the historical rate of return of the US stock market over the past 30 years—if you apply that over the next 30 years, $2,000 becomes $40,000.
Now, just imagine more contributions: $10 a week. Maybe it's a parent. Maybe it's a grandparent. Maybe it's that hard-earned money from a paper round or whatever the case may be. Just adding that every week over the course of 30 years takes the $40,000 and makes it $140,000 by the time the child is 30. That's building a stake in the future, leveraging what makes America special: entrepreneurs, capitalism, and our whole society. So, it's with that that we're so proud to be supporting this system. And thank you to everybody who's been a part of making that happen.
Thank you, Robin. All right, we'll now take a couple of questions and then we're soon going to move to the roundtable and you can hear from CEOs all across the state discuss this transformational new policy. Questions?
