Mississippi Treasurer David McRae criticized Congressman Bennie Thompson for opposing the new Trump Accounts, a custodial-style savings plan for minors launched earlier this week at the White House.
President Donald Trump hosted the event to promote the accounts, which are part of the 2025 law known as the One Big Beautiful Bill. The accounts offer an initial federal deposit of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028. Parents and guardians can contribute up to $5,000 annually, with up to $2,500 coming from employers without affecting taxable income.
Thompson, a Democrat representing Mississippi, urged people on social media to pass on the accounts, citing past issues with Trump-related ventures. His comment drew criticism from McRae, a Republican, who accused Thompson of having “Trump Derangement Syndrome” and of discouraging investments in children’s futures.
McRae also contrasted the Trump Accounts with the Baby Bonds program, which he said Thompson supports. He questioned why Thompson would support one and oppose the other, both of which involve a $1,000 investment in children at birth.
The accounts will only be invested in broad U.S. equity index funds with low fees, and are designed to grow until the child turns 18, at which point they can be used like a traditional IRA. Notably, philanthropists Michael and Susan Dell have committed $6.25 billion to seed the program, which the White House called “one of the largest direct investments ever made in American families.”
Jon Ross Myers is the executive editor and publisher of the Mississippi News Network, Mississippi's largest digital only media company. He can be reached at editor@tippahnews.com
