Gavin Newsom Endorses Federal Trump Investment Accounts

California Governor Gavin Newsom endorsed the federal government's Trump accounts during a news conference in San Francisco on Friday. The investment vehicles provide $1,000 to babies born during the second term of President Donald Trump, with the funds transitioning into Individual Retirement Accounts when the children reach age 18.

Newsom urged California parents to ignore the branding of the accounts and sign up, describing the program as "one of the best things" the president has done. He emphasized that the funds belong to the children rather than the president.

Additionally, Newsom announced a partnership between the state of California and Invest America, the organization that promoted the accounts. This collaboration encourages employers and philanthropists to split donations between the federal Trump accounts and CalKIDS, California's existing education savings program. Newsom noted that his CalKIDS initiative was inspired by a 2007 baby bonds proposal from Hillary Clinton.