The Trump administration’s recent changes to Trump Accounts could come under fire from the next Congress if Democrats win a majority.
The Treasury Department moved last week to automatically enroll tens of millions of children and greenlight donations of individual stocks as Treasury Secretary Scott Bessent touts the accounts ahead of midterms.
President Donald Trump “believes that the American dream belongs to every child and every family — and today, through Trump Accounts, we are equipping the next generation to claim it,” Bessent said in Pennsylvania this week.
But Democrats believe that the individual stocks lack statutory authority and that the automatic enrollment could prevent savers with religious or other concerns with the stocks from opting out, House aides told Semafor.
Libertarians expressed similar reservations: “There’s more than enough information available to people” that they “can decide on their own,” the Cato Institute’s Norbert Michel told Semafor. “It’s just not the case that the fact that they have something makes them better off.”
The Treasury Department did not return a request for comment.