Newsom endorses Trump children's savings program

In a notable display of bipartisan alignment, California Governor Gavin Newsom has publicly praised the Trump administration's federal children's savings program, urging families across his state to enroll despite their likely political differences with the president. The Democratic governor's endorsement on Friday, August 21, 2026, highlighted the program's potential to build generational wealth for young Americans.

Newsom called the initiative, known as Trump Accounts, "one of the best things the president has done" and described it as a direct and tangible benefit for children's futures. "I'm enthusiastic about encouraging people to get a Trump Account," Newsom told reporters. "It doesn't mean anything for you, it just means something for your kid. It's not Trump's money, it's your child's money."

The federal program, launched in July 2026, creates tax-advantaged investment accounts for eligible children. Babies born between January 1, 2025, and December 31, 2028, are eligible for a one-time $1,000 federal contribution. Families, employers, and other organizations can make additional deposits into these accounts, which are designed to grow over time and provide a financial...