Political speech, timestamped and in context

Scott Bessent: “They're custody by Bank of New York, but overseen by the U.S. Treasury in a master account.”

Featuring: Scott Bessent, Republican | Secretary of the Treasury | National

JUST IN: Scott Bessent Holds Press Briefing To Promote Trump Accounts In Harrisburg, Pennsylvania

Published October 5, 2026

So it is an incredible complement to the Social Security program held. Are they, like, in Fidelity or Vanguard or a government account? They're custody by Bank of New York, but overseen by the U.S. Treasury in a master account. Thank you. Thank you, Mr. Secretary. Thank you for being here. Thank you. I don't know if you knew, Mr. Secretary, but Ben Franklin served as speaker of the House in Pennsylvania as well. (24:53–25:00)

STATEMENT

Asserts the custodial and oversight arrangement for Trump accounts.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

See the main statements from Scott Bessent in this video

“Every child under the age of 18 has a Trump account waiting for him or her.”
Asserts that all children under 18 have a Trump account set up for them.16:35-16:41
“Every child born during the President's term is eligible for a $1,000 seed investment from the US Treasury.”
Asserts that children born during the President's term receive a $1,000 investment from the Treasury.18:59-19:08
“Today, 38% of Americans have no exposure to our great equity markets.”
Asserts that 38% of Americans are not involved in equity markets.20:00-20:06
“Nearly 70 million additional children now have Trump accounts established in their names.”
Asserts that 70 million more children have Trump accounts set up.20:46-20:54
“Nearly 30 companies, and we expect many more, have committed to employee contributions [to Trump accounts].”
Asserts that nearly 30 companies have committed to contributing to Trump accounts.19:41-19:49
“There are about 350,000 foster children nationwide who may be eligible for Trump accounts.”
Asserts the number of foster children eligible for Trump accounts.22:26-22:35
“The federal government will engage at any level necessary, whether it's the state, the county, or the municipality, to make sure that these children have what is coming to them.”
Asserts federal government involvement at various administrative levels to support foster children with Trump accounts.22:45-23:01
“Unequivocally, no cuts in Social Security.”
Asserts that there will be no cuts to Social Security.23:38-23:41
“The Trump accounts are a supplement, not a substitute [to Social Security].”
Asserts that Trump accounts are meant to supplement Social Security, not replace it.23:45-23:49
“Trump accounts are investment accounts that can grow with the market or over time.”
Asserts the nature of Trump accounts as investment accounts with growth potential.24:10-24:16