Treasury Secretary Scott Bessent on Sept. 24 unveiled plans for new “Trump Accounts” to promote financial literacy among young Americans, telling the Financial Literacy and Education Commission the administration will phase out paper checks as part of modernizing America’s payment system.
Speaking before the Financial Literacy and Education Commission, Bessent said the administration is working to modernize America’s payments system and phase out paper checks.
The new accounts, part of what Bessent called the “One Big Beautiful Bill,” are designed to give children hands-on experience with investing.
“Trump Accounts will begin to build a strong foundation for young Americans’ financial futures. These accounts are an opportunity for children to learn how to invest and grow their money through real-world experience, giving the next generation a jumpstart in establishing financial security,” Bessent said.
Bessent said financial literacy will shape America’s future. “Financially responsible citizens will demand financially responsible leaders. And many of them will become those leaders themselves one day. This will help put our country back on a financially sustainable path,” he said.
Bessent highlighted scams and fraud as “evolving and expanding faster than ever, putting many families at risk,” often carried out by criminals overseas. He said the Trump Administration is addressing the threat by modernizing payments.
“By ending the federal government’s use of paper checks, except in limited situations, and by accelerating the transition to electronic payments, we can help reduce fraud, theft, and delays that prevent hardworking Americans from receiving their payments,” Bessent said.
Bessent also called for updating the National Strategy for Financial Literacy — last revised in 2020 — and urged commission members “to engage with our public and private partners to put forward a renewed national strategy that addresses financial challenges and opportunities facing Americans today.”
His remarks came as the administration positioned financial education as part of what Bessent described as President Trump “unleashing a new economic Golden Age.”