“Every dollar in a child’s Trump Account should be working toward that child’s financial future, not diminished by unnecessary fees,” said Treasury Secretary Scott Bessent. “Treasury is putting simple, commonsense protections in place to help families keep more of their investment returns.”

The default investment, State Street SPDR Portfolio S&P 500 ETF, carries a microscopic two basis point expense ratio, and the other options are all similarly low-cost. All will be capped at a maximum of 10 basis points under the proposed regulations.

These ultra-low expenses are another way the Trump accounts are proof of concept for Social Security reform, which opponents have always claimed will be eaten away by high fees. Nonsense.

We remind readers that employers can contribute up to $2,500 per employee per year to these accounts, tax-free to the employee. There is a great summary of the employer rules here.