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Politicians have come up with way worse ideas before...
The executive are slated to make the commitments during President Donald Trump’s roundtable event touting the eponymous pilot program, which would deposit $1,000 from the government in investment accounts for newborn Americans. Executives set to appear at the roundtable include
  1. Michael Dell, founder and CEO of Dell Technologies
  2. Brad Gerstner, founder and CEO of Altimeter Capital
  3. Rene Haas, CEO of Arm Holdings
  4. Parker Harris, CTO of Slack and cofounder of Salesforce
  5. William McDermott, CEO of ServiceNow
  6. Dara Khosrowshahi, CEO of Uber
  7. David Solomon, chairman and CEO of Goldman Sachs
  8. Vladimir Tenev, cofounder and CEO of Robinhood
This is a surprising broad and well rounded group committing to this. If Trump can pull it off this would be a huge win for him.
These accounts were a part of the Big Beautiful Bill that passed the House that some Senators are having issues with. Hopefully a provision like this will hold on given the huge political win it would be.
Why wouldn’t they want it? That’s a ton of investment capital being reallocated to them from somewhere.
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Bingo
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42 sats \ 1 reply \ @Cje95 OP 9 Jun
Not all of these companies are in index funds that have been highlighted as the funds that the money would go into so I am not sure how they would benefit. These are all companies who are pledging to also contribute to these very funds.
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I'm not either but you can see how they could benefit. I don't even have a problem with them benefiting. I'm more concerned about where the money comes from.
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Next up: Loan products that let parents "borrow against" their children's savings accounts.
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42 sats \ 1 reply \ @Cje95 OP 9 Jun
Well they are pledging to pay into it and the funds are going to index funds so I am not sure all of these companies can say it is something that they directly benefit from. Robinhood just got turned down for the S&P nod and Altimeter Capital isnt a company I have heard of in any index's
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I'll wager that it will be more clear why they supported it after we see what gets passed.
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