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The Treasury Department on Thursday moved forward with new rules for investments in Trump Accounts that aim to exclude investment funds rooted in environmental, social and governance (ESG) criteria, FOX Business has learned.
The rules restricting ESG funds from being included in Trump Accounts come alongside other rules ensuring that investment options in the accounts have low fees to ensure investors keep more of their money.
“Corporate America has rejected ESG ideology, and we will not allow it to be a part of Trump Accounts,” Treasury Secretary Scott Bessent told FOX Business in a statement.
“These accounts exist to build financial security for America’s children, not to advance political activism or ideological agendas,” Bessent added.
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A Treasury Department official told FOX Business that under the proposed eligibility framework, an index would have to be designed primarily to measure the performance of a broad segment of the U.S. or global equity market using objective financial criteria.
The rule is intended to give families clear, transparent investment choices that are focused on cost, diversification and long-term financial performance.
ESG funds have faced criticism for their focus on other criteria, like the environmental and social policies of companies or their governance structures, ahead of investor returns.
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Trump Accounts officially launched on July 4, and a Treasury spokeswoman said that in the month and a half since the launch, the number of families who have signed up for Trump Accounts has risen above 7 million.
Over 2 million of those who have enrolled to date are eligible for the $1,000 seed fund from the federal government, which is available for children born between the start of 2025 and end of 2028 under the One Big Beautiful Bill Act.
Trump Accounts may also be created for children under the age of 18, although those who were born outside the 2025 to 2028 window aren’t eligible for the government’s seed money.
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The Treasury spokeswoman also noted that since the launch there has been over $1.5 billion in investment contributions from individuals as well as contributions from pilot programs.
That figure doesn’t include philanthropic contributions, such as the $6.25 billion contributed by billionaires Michael and Susan Dell, who helped fund $250 initial seed deposits into accounts for children under age 10.
