In a rare public appearance in Philadelphia, Democratic U.S. Sen. John Fetterman joined Republican U.S. Sen. Dave McCormick at a youth basketball camp in Nicetown on Monday to promote Trump Accounts, the new federally backed savings accounts for kids that became law with the president’s signature One Big Beautiful Bill Act.
Fetterman — who did not vote for the GOP-led initiative last year but has more frequently supported President Donald Trump’s policies since then — said he was urging families in deeply Democratic Philadelphia to look past Trump’s name on the program.
“Do not fall into that political trap,” Fetterman said. “This isn’t some radical thing… Do this for your child.”
The accounts, which launch on July 4, are available to children under 18 — with children born between Jan. 1, 2025 and Dec. 31, 2028 receiving $1,000 in seed money.
All accounts will also receive $250 because of a $6.25 billion donation from tech CEO Michael Dell and his wife Susan Dell. Families, businesses and nonprofits can add up to $5,000 annually. A portion of the funds may be accessed when the child turns 18 while the rest is transferred into an IRA retirement account.
“Who is excited about getting $200? Put your hands up,” McCormick asked more than 100 kids gathered on one of the indoor courts at Philadelphia Youth Basketball’s summer camp, at the Alan Horwitz “Sixth Man” Center in Nicetown.
Both McCormick and Fetterman appealed directly to the kids during speeches in between basketball camp drills.
Despite being 6-foot-8 and palming a basketball as he posed for pictures, Fetterman said his basketball skills weren’t “worth much.” But he told the kids he was there because he wanted them all to be millionaires someday. And the Trump accounts — which he said he and his wife, Gisele, would open for all three of his kids — were a step in that direction.
“I am begging your parents to get involved in this,” Fetterman said. “It’s about all of your futures.”
In a joint interview after the event, the senators described the initiative as a groundbreaking effort to build long-term wealth for individuals who don’t typically have access to it.
“This is one of many things that we need to do to think about how we address a fundamental problem — which is, we have a growing concentration of wealth in our country,” McCormick, a former investment firm CEO and millionaire many times over, said.
“He was talking almost like a Democrat… a concentration of wealth,” Fetterman quipped, causing McCormick to laugh.
The accounts were established as part of Trump’s most significant legislation of his second term, which narrowly passed Congress last year.
Fetterman, at the time, joined other Democrats by calling the bill a “disaster” for its cuts to Medicaid spending and other programs like the Supplemental Nutrition Assistance Program, or SNAP.
After voting against the law — or voting “hell no,” as he said at the time — Fetterman has broken with his party to support Trump and Republicans in a number of high-profile moments, and in ways that have deeply frustrated Democratic voters. His appearances at public events in Philadelphia and around Pennsylvania have been extremely rare, and many political observers question whether he will seek re-election in 2028.
At the same time, Fetterman has developed a close working relationship with McCormick, a Republican elected in 2024. The pair frequently partner on issues in Washington and stress the need for bipartisanship, particularly in a purple state like Pennsylvania.
“He and I are in this together,” McCormick, who has stopped in Philadelphia frequently, including for meals with Democratic Mayor Cherelle L. Parker, told the crowd Monday.
Philadelphia Youth Basketball CEO Kenny Holdsman said he’d worked with both senators in the past, and he credited a conversation he had with Fetterman for helping push the organization to keep its doors open for longer hours as safe haven for the 2,400 young people in its programs.
Holdsman said the Trump Accounts would “really help young people and their families in a big way” — from the financial security that comes with a compounding investment account, to the educational and financial literacy aspect that will come with kids having access to their savings.
Invest America founder Brad Gerstner, who had pushed for the idea behind Trump Accounts for years and now leads the nonprofit that manages the initiative, showed the kids a screenshot of the app that will display the contents of each account.
“We want kids across the country, when they’re in middle school, to be able to open up this on their phone, so it’s not some abstract notion that I have money. This is the way the teachers in public schools are going to be able to teach them about ownership, compounding, financial literacy, et cetera,” Gerstner said. “It’s hard to teach kids about money when they don’t have any money.”
Bipartisan groups have said the Trump Accounts do not have the same kind of tax-advantaged structure as other investment accounts, such as 529 plans that are specifically used for education. Cato Institute, the conservative think tank, has also criticized the $1,000 contributions for children born in the years around the program’s founding and called the overall plan “a government welfare program rather than a tax-neutral investment vehicle.”
Fetterman said he supported 529s but the Trump Accounts were a “much more versatile vehicle” for investing in children’s futures. McCormick said the program’s ability to accept philanthropic donations made it particularly appealing as other individuals and corporations can buoy the accounts on top of families’ investments. Both also stressed convenience, with McCormick saying families won’t have to worry as their money is safely invested in the the S&P.
“You’re going to share in the prosperity of America,” McCormick said. “It’s easy. You don’t have to overthink it.”
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