Trump Accounts could attract more than $100 billion in additional private commitments over the next 12 months, according to Altimeter Capital founder and CEO Brad Gerstner, who said businesses and philanthropists are increasingly backing the government-backed investment program for children.
Speaking on Fox Business “Mornings with Maria” on Wednesday, Gerstner said the program has already attracted significant private-sector interest beyond publicly announced commitments.
“We have tens of billions of dollars in commitments we haven’t announced,” Gerstner said. “I said to the president, I think we’ll have $100 billion of additional contributions in the next 12 months.”
Gerstner described the initiative as a public-private partnership designed to encourage long-term investing from childhood. He said businesses, philanthropists and community organizations can directly contribute to investment accounts for children in schools, neighborhoods and states.
“It is huge societal ROI and America is unlocking their wallets and pouring a lot of money into these,” he said.
Stock Ownership Gap
The Bank of New York Mellon Corporation (NYSE: BK ) CEO Robin Vince, who also appeared on the program, said the initiative could help expand stock ownership among Americans who have traditionally lacked access to capital markets.
“We’ve got 40% of Americans who don’t participate directly in the stock market,” Vince said. “This initiative is about bringing more people to have a stake in the actual capital markets, in the economy and the greatest companies in America.”
Vince added that starting to invest early allows families to benefit from long-term compounding and said many employers, including BNY, are matching contributions for eligible employees’ children.
Corporate Support Builds
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