A Trump administration official is touting the recently launched Trump Accounts as a means to boost young Americans’ financial literacy and appreciation for capitalism by giving them experience that draws them away from “poisonous ideologies” such as socialism.

Comptroller of the Currency Jonathan Gould spoke at a planning meeting for the Financial Literacy and Education Commission on Tuesday and said in remarks reviewed exclusively by FOX Business that Trump Accounts can help Americans understand how the financial system and markets work, showing the benefits of capitalism.

“When Americans understand how our financial system works, they are better equipped to save for the future, protect themselves from fraud, and fully participate in the greatest economy in the world,” he said. “For Americans to believe in capitalism, they need the opportunity to participate in it.”

Trump Accounts officially launched earlier this month. (Win McNamee/Getty Images)

“If financial illiteracy leads to socialism and other poisonous ideologies proliferating on college campuses and in certain cities, Trump Accounts can be the antidote, minting a generation of capitalists who believe in America, build wealth, invest in their communities, and own a share in our nation’s economic success,” Gould added.

WHAT ARE THE INVESTMENT OPTIONS FOR TRUMP ACCOUNTS?

Trump Accounts were created by the One Big Beautiful Bill Act last year and were formally launched on July 4. 

The initiative creates tax-advantaged investment savings accounts for eligible children, with those born between 2025 and 2028 given $1,000 in seed money from the federal government. Parents and guardians may contribute up to $5,000 per year to the accounts belonging to their children, while a parent’s employer can contribute up to $2,500 annually without impacting the employee’s taxable income.

Pedestrians walk past an American flag displayed outside of the New York Stock Exchange (NYSE) in New York, U.S., on Sept. 12, 2016. (Michael Nagle/Bloomberg via Getty Images)

Funds in Trump Accounts may be invested into low-cost index funds with broad, diversified exposure to the U.S. stock market. 

Over time, proponents of Trump Accounts note that strategy could yield significant returns for Trump Account beneficiaries based on the historical performance of the U.S. stock market.

GOLDMAN SACHS TO CONTRIBUTE $1,000 TO TRUMP ACCOUNTS FOR ELIGIBLE CHILDREN OF EMPLOYEES

An analysis by the White House’s Council of Economic Advisors (CEA) found that based on historical average returns on the U.S. stock market, funds invested in Trump Accounts could grow into a substantial nest egg by the time a child turns 18, depending on how much is contributed over time. The funds could then be used to help pay for education expenses, a down payment on a home, or a jump start on retirement savings.

CEA found that if maximum contributions are made to an account belonging to a child born in 2026, the account balance would reach $303,800 by age 18 and $1,091,900 by age 28 in a medium-returns scenario. 

In a low-returns scenario with maximum contributions, balances would be $187,400 by age 18 and $772,200 by age 28; while in CEA’s high-returns illustration, the balances would be $730,400 by age 18 and $1,904,300 by age 28.

The White House released an app for Trump Accounts. (Trump Accounts / Fox News)

If no contributions are made to a Trump Account belonging to a child born in 2026 beyond the $1,000 seed money from the government, the account balance would reach $5,800 by the time they turn 18, with continued compounding growth taking that total to $18,100 by age 28 in CEA’s medium-returns scenario.

HERE’S HOW MUCH TRUMP ACCOUNT BALANCES COULD GROW OVER TIME

Ahead of the program’s official launch, the Treasury Department unveiled the default exchange-traded fund (ETF) that is available to investors now – as well as four other ETF options that will be added to the accounts as alternatives.

The default investment option is the State Street SPDR Portfolio S&P 500 ETF (SPYM), which is a low-cost ETF that tracks the performance of the S&P 500 Index. 

Treasury explained it provides broad exposure to the U.S. stock market and has a low fee structure that’s well below the expense ratio limit of 0.1% that was established by law.

Four other low-cost ETFs that track broad indexes will be added to the Trump Accounts lineup of investment options:

• iShares Core S&P 500 ETF (IVV)
• Vanguard Total Stock Market ETF (VTI)
• State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM)
• iShares Core S&P Total U.S. Stock Market ETF (ITOT)

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Treasury indicated at the time of the announcement that it expected the functionality for additional investment options to roll out in the coming months, which would let parents or guardians allocate funds across the additional options.

A major rural lifestyle retailer is closing dozens of pet stores in its portfolio around the country as it reevaluates both its existing footprint and growth plans.

Tractor Supply released its latest earnings report last week and revealed plans to close 75 Petsense locations around the country.

The company said in its release that as of late June, there were 209 Petsense by Tractor Supply stores across 23 states.

“Following a disciplined review of Petsense, we’ve decided to close approximately 75 underperforming stores. We believe these actions will improve returns, simplify the business, and allow us to direct resources towards higher growth, higher return opportunities,” said CEO Hal Lawton on the earnings call.

Tractor Supply revealed plans to close 75 Petsense stores around the country. (Spencer Platt/Getty Images)

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Lawton noted that the Petsense locations that are closing were negative four-wall cash flow, meaning that those stores’ sales weren’t enough to cover costs that are local to individual stores, such as rent, labor and inventory.

Stemming the losses from those locations will allow the company to reinvest funds back into the core of the business, he added.

Lawton also said that after the closures, he thinks the company will “have a very strong, profitable Petsense business,” and that it will work well within the company’s broader pet ecosystem that includes Allivet and VIP Petcare.

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He also emphasized that the company doesn’t view the changes with Petsense as affecting the reacceleration of pet products within the core Tractor Supply business, which isn’t directly connected to Petsense.

Tractor Supply CFO Kurt Barton said on the call that the “strategic repositioning of Petsense is expected to create a healthier, more profitable business that better complements our Tractor Supply stores and strengthens our ability to serve pet customers across our integrated pet ecosystem.”

Tractor Supply said that its closure of 75 Petsense locations won’t affect its other pet-oriented initiatives. (Don and Melinda Crawford/UCG/Universal Images Group via Getty Images)

TRACTOR SUPPLY NO LONGER GOING WOKE, ELIMINATES DEI GOALS

Lawton also said that Tractor Supply plans to open dozens of new stores in 2027, though the total number is expected to be approximately 85 to 90 stores as opposed to the company’s previous expectation of opening 100 new stores.

Funds saved from the pared-back store opening plans will be redeployed toward initiatives like remodels under Project Fusion, which aims to improve the performance of Tractor Supply’s existing store base.

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Johnson & Johnson (J&J) has offered to pay as much as $5.5bn (£4.14bn) to resolve tens of thousands of lawsuits alleging that its baby powder and other products containing talcum cause ovarian cancer.

The proposed landmark settlement aims to close a long-running legal battle that has weighed on the US healthcare giant for years.

J&J has denied that its talc-based products caused cancer and has changed the formula of its widely-used baby powder.

Erik Haas, the firm’s vice president of litigation said on Monday, external that the allegations are “meritless” and that J&J was willing to settle in order to finally resolve the matter.

J&J said the settlement would cover about 69,000 cases, totalling most of the remaining talc-related claims. The firm will offer up to $3bn next year, with no additional payments due before 2028, it said.

The proposal must be accepted by legal firms representing 95% of the ovarian cancer claims in state and federal courts before it can be finalised, the J&J said.

Haas said in a statement that the company is confident that it would have “ultimately prevailed with further litigation” just as it has in the majority of cases heard in court to date.

He added that the proposed resolution “allows the company to put this matter behind it” and enable J&J to “remain focused on its mission to develop medicines and devices that save lives”.

Lawsuits against J&J over its talc-based baby powder started as early as 2009.

Earlier in July, a federal court handed the firm a victory by questioning individual plaintiffs’ ability to show that talc was the direct cause of their ovarian cancer.

Talc is a natural mineral made of magnesium, silicon, oxygen and hydrogen, known for its soapy feel and is often used in baby powder.

The company has faced lawsuits from consumers and their survivors who claim J&J’s talc products caused cancer due to contamination with asbestos.

Talc is mined from the earth and is found in seams close to that of asbestos, which is a material known to cause cancer.

J&J has repeatedly denied the allegations and in its latest announcement said: “Studies show talc is safe, does not contain asbestos and does not cause cancer.”

In 2022, J&J said it would stop making and selling its talc-based baby powder around the world.

The announcement came more than two years after it had ended sales of the product in the US.

“As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio,” J&J said at the time.

Ford Motor Co. is pursuing what could be its biggest military contract in decades as it competes to build a new tactical truck for the U.S. Army.

The automaker has secured a Department of War contract to develop three prototypes based on its F-Series Super Duty pickups, The Wall Street Journal reported Monday.

The competition comes as the Pentagon taps automakers to replenish and modernize military equipment strained by global conflicts, according to the outlet.

“We are excited to start work on this Army contract and look forward to delivering several incredibly capable vehicle types that demonstrate the value Ford can provide to the Army and soldiers,” a Ford spokesperson told FOX Business in an email.

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The Ford Motor Co. Michigan Assembly plant is pictured in Wayne, Michigan, on March 23, 2020. Ford is pursuing what could be its biggest military contract in decades. (Anthony Lanzilote/Bloomberg via Getty Images)

The spokesperson said Ford’s Super Duty trucks are engineered for “extreme durability” and demanding conditions, making them an “ideal platform” for military use. 

Ford Pro also offers global service and parts support, along with technology aimed at improving vehicle uptime, the spokesperson noted.

“Ford’s off-the-shelf solutions can deliver unmatched capacity and scale, cutting-edge technologies, and the rugged capabilities that can offer game-changing value and performance and meet the needs of governments and the military in a highly cost-effective way just as we do with our commercial customers,” the spokesperson said.

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Workers assemble Ford vehicles at the Chicago Assembly Plant on June 24, 2019, in Chicago, Illinois. The spokesperson said Ford’s Super Duty trucks are engineered for “extreme durability.” (Scott Olson/Getty Images)

The move puts Ford in the running alongside rival General Motors (GM), which is developing a similar tactical truck.

GM unveiled its prototype in 2024, and the military has begun field testing it, according to The Wall Street Journal.

In addition to the two automakers, the Army has awarded a prototype contract to BC Customs LLC, a Utah-based off-road vehicle manufacturer, according to The Detroit News.

For Ford, the program could represent its largest military vehicle opportunity since the Cold War, the outlet reported.

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GM Defense’s Next Gen tactical vehicle is shown in an undated company photo. The move puts Ford in the running alongside rival GM, which is developing a similar tactical truck. (General Motors)

In May, Ford said it had been in discussions with governments in North America and Europe about using its commercial vehicles and software to support defense needs.

The company said some governments already use Ford vehicles for military transport and security operations.

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The Department of War referred FOX Business to the U.S. Army, which did not immediately respond to a request for comment.