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Speaker 1: I believe it is God's job to sit in judgment,

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Speaker 1: my job to defend America and to promote the fundamental

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Speaker 1: interest of stability, prosperity, and peace. That's what I really

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Speaker 1: want to do.

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Speaker 2: You're listening to the forty seven Morning Update with Ben Ferguson.

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Speaker 3: Good Wednesday morning. Ben Ferguson with you. It's so nice

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Speaker 3: to have you on the forty seven Morning Update. And

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Speaker 3: today's show is going to be a little bit different

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Speaker 3: than normal. Why we're talking about a transformative idea, the

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Speaker 3: invest America four oh one K accounts for every newborn

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Speaker 3: child in America. It's also being called MAGA accounts, and

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Speaker 3: it could fundamentally change the way this country and it

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Speaker 3: could fundamentally change the way that American children grow up.

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Speaker 3: I had a very interesting conversation with the architect behind

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Speaker 3: this center, Ted Cruz, and the podcast that we do

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Speaker 3: together called Verdict with Ted Cruz. This could be quote

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Speaker 3: one of the most consequential new proposals in the House's

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Speaker 3: GOP's massive tax plan. This is something that Donald Trump

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Speaker 3: is also behind, and I want you to hear everything

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Speaker 3: about this plan. I also hope you will share this

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Speaker 3: podcast wherever you can. And there is another architect as well,

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Speaker 3: getting involved in working all of the details, a billionaire

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Speaker 3: who has now decided that he wants to give back

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Speaker 3: and give every child a better future. But before we

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Speaker 3: get into that, I want to tell you about my

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Speaker 3: friends at IFCJ. It's now the month of May, and

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Speaker 3: eighty years ago, this very month, the horror of the Holocausts,

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Speaker 3: the final solution came to an end. But do you

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Speaker 3: know that half of all Holocaust survivors live in Israel.

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Speaker 3: The pain of the past now intensifies today by October

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Speaker 3: seventh and the rise of anti Semitism everywhere, and along

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Speaker 3: with other elderly Jews, thousands in israelive below the poverty line.

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Speaker 4: There's no safety net.

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Speaker 3: That's why I support the International Fellowship of Christians and Jews,

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Speaker 3: and the Fellowship provides a lifeline to these precious ones

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Speaker 3: in the form of basic things like hot meals and

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Speaker 3: boxes full of healthy food. And for only twenty five

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Speaker 3: dollars you can out provide a nutritious food box to

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Speaker 3: a Jewish person in need in Israel. Better yet, three

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Speaker 3: hundred and fifty dollars provides hot meals for an entire year.

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Speaker 3: So if you are ready to stand with the people

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Speaker 3: in Israel. Give generously by calling eight eight eight four

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Speaker 3: eight eight if CJ that's eighty eight four eight eight

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Speaker 3: four three two five, or go online to give it

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Speaker 3: if dot org. That's im CJ dot org. It's the

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Speaker 3: forty seven Morning Update and it starts right now story

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Speaker 3: number one. All right, So Center, let's talk about the

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Speaker 3: invest America. This idea, it is something you've actually been

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Speaker 3: working on for quite some time. Plus you have a

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Speaker 3: special guest joining us to explain it as well.

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Speaker 5: Well.

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Speaker 6: I'm very proud to welcome Brad Gershner. Brad is a

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Speaker 6: major Silicon Valley entrepreneur. He runs a hedge fund, Altimeter Capital,

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Speaker 6: in Silicon Valley. He's been incredibly successful and he's become

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Speaker 6: a really good friend over the past year. And he

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Speaker 6: is calling in and joining Verdict from Riad Saudi Arabia.

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Speaker 6: So he is there with the President, with David Sachs.

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Speaker 6: He is on the trip. And I will tell you

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Speaker 6: when we talked about the four victories in the House bill,

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Speaker 6: the victory of invest America, I don't think there is

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Speaker 6: any person who has worked harder to make this a

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Speaker 6: reality than Brad has. And I met Brad a little

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Speaker 6: over a year ago. He and I have been working

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Speaker 6: together on this since April of last year, and he

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Speaker 6: has been working to build the business coalition behind invest

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Speaker 6: America and bringing together major CEOs, business leaders that see

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Speaker 6: the incredible power of four oh one k's for every

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Speaker 6: newborn in America. And so Brad from from Riod on

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Speaker 6: the other side of the planet, and it is by

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Speaker 6: the way right now, Ben and I are doing this.

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Speaker 6: It is eleven twenty six pm in d C. It

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Speaker 6: is six twenty six in the morning in Riod, And

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Speaker 6: so he got up to join us. Brad, Welcome to Verdict.

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Speaker 5: Oh, it's great to be here. Thanks for having me. Ben,

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Speaker 5: good to connect and Senator Wow, just watching the launch

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Speaker 5: of Invest America under your leadership. Today the Housewaves and

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Speaker 5: Means Committee Jason Smith, the Speaker of the House, it's

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Speaker 5: an exciting day. And I can tell you it's also

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Speaker 5: an exciting day in Ria, Saudi Arabia. The US is

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Speaker 5: back on its front foot. As you said, I'm traveling

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Speaker 5: with David Sachs, who is spreading the accelerationists gospel of

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Speaker 5: artificial intelligence. We want the world running on US, compute

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Speaker 5: on USAI and so it's been a it's been a

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Speaker 5: really encouraging trip. But I'm thrilled to be here, thrilled

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Speaker 5: to be on the verdict because of Best America, I

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Speaker 5: think could change the country. Yeah.

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Speaker 6: Look, I fully agree, and I will say to our listeners.

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Speaker 6: David Sachs is another incredibly successful Silicon Valley entrepreneur. He's

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Speaker 6: been someone I've known for a long time. He's one

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Speaker 6: of the hosts of the All In podcast, which is

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Speaker 6: incredibly successful. And Brad runs in that circle as well.

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Speaker 6: And David is serving in the White House right now

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Speaker 6: as the President's Chief Advisor on Artificial Intelligence and chief

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Speaker 6: Advisor and cryptocurrency, and so he's doing a great job.

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Speaker 6: And he and Brad are are traveling to the Middle

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Speaker 6: East and and just today they announced what a trillion

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Speaker 6: dollars in new investments in the United States, and so

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Speaker 6: it's really potent.

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Speaker 5: Uh.

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Speaker 6: But but let's let's do a deep dive into invest America. Now,

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Speaker 6: I'll tell you, bet, Ben, Do you know how I

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Speaker 6: got to know Brad?

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Speaker 4: How is that?

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Speaker 5: So?

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Speaker 6: Last spring, I'm sitting at a poker table in Vegas.

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Speaker 6: It's about one in the morning.

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Speaker 4: I'm already I'm already in on this story.

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Speaker 5: And I'm every starts with the punker table.

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Speaker 4: That's right at one am in Vegas.

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Speaker 6: Yes, And every every year I do a fundraiser in

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Speaker 6: Vegas where we play poker. It's great fun. We usually

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Speaker 6: play till three or four in the morning, and we

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Speaker 6: get typically a number of poker pros who come and

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Speaker 6: join us and play. And so last year I was

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Speaker 6: playing with, among others, Phil Hellmuth, who who is one

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Speaker 6: of the greatest poker players to ever live. If if

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Speaker 6: Phil were on, he would say he is the greatest

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Speaker 6: poker player to ever live. And a Brad, you know

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Speaker 6: that's true, but but greatest. He's got a good argument.

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Speaker 6: He's got he he has got fifteen bracelets, he's he's

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Speaker 6: a World Series champion. And we're talking and we're sitting

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Speaker 6: there talking and playing. And I played with Phil a

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Speaker 6: number of times and he says, hey, do you know

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Speaker 6: Brad gerstro I said, no, no, idea, who is he?

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Speaker 6: And he said, all right, you got to know him.

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Speaker 6: He's a great guy. He's like driving this this great

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Speaker 6: program to to like have every every baby at every

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Speaker 6: child in America invested the stock market. I said, that's interesting.

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Speaker 6: I want to know more about that. Phil pulled out

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Speaker 6: his phone and texted Brad and me connected us on

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Speaker 6: on cell that night at one in the morning, and

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Speaker 6: we began working together. Uh, starting in spring of last year.

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Speaker 3: That's incredible. That's that is how a friendship grows. And

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Speaker 3: let me guess that's how you guys both got in

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Speaker 3: on this. Hey, what a brilliant idea to allow every

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Speaker 3: kid in America, it's got a so security number, to

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Speaker 3: be able to start investing in essence the day they're

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Speaker 3: born understand that they have a chance to have a

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Speaker 3: nest egg when they grow older. I've got three boys, center.

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Speaker 3: This is something I think about. It's two things. I

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Speaker 3: think about college. I think about saving for school, and

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Speaker 3: I think about them having something to start out their

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Speaker 3: lives with. And that's the essence of what you guys

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Speaker 3: are trying to pull off here.

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Speaker 6: So let me describe the vision of it, and then

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Speaker 6: I want Brad to tell the story because he really

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Speaker 6: did the shoe leather to make this work. But the

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Speaker 6: vision of it, and it is included in the House

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Speaker 6: Ways and Means draft right now, is that every newborn

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Speaker 6: child in America will have an investment account. Created automatically

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Speaker 6: open for them and seeded with one thousand dollars one

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Speaker 6: thousand dollars that comes from the government to start it.

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Speaker 6: That's important to get it going. But even more important

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Speaker 6: is that every one of those accounts, you can contribute

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Speaker 6: up to five thousand dollars a year to those accounts

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Speaker 6: in a tax advantaged way. And and that money can

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Speaker 6: come from friends, it can come from family, and it

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Speaker 6: can come from your parents or relatives, employers. And I

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Speaker 6: think that's a really big we're going to talk about

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Speaker 6: how that's a big accelerator. Uh And and you could

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Speaker 6: accumulate in a tax advantage way. And and there are

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Speaker 6: two massive advantages for this. Number One, every child in

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Speaker 6: America begins to experience the benefits of compound growth. And

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Speaker 6: these accounts, by the way, they're not savings accounts. These

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Speaker 6: are investment accounts that are that that that that are

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Speaker 6: invested in neither ETFs or mutual funds that are invested

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Speaker 6: in the S and P five hundred. So so it

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Speaker 6: makes every newborn child an investor in the American stock market.

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Speaker 6: That enables them. And and and look, as you know,

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Speaker 6: well as our listeners know well, compound growth the miracle

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Speaker 6: of compound growth is one of the great miracles of

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Speaker 6: the world. And if you get people investing for a

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Speaker 6: long time, starting at birth, you can get incredible numbers.

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Speaker 6: So Ben, let me ask you this. You have a

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Speaker 6: newborn child born this year, thousand dollars comes in to

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Speaker 6: set it, and through friends and family or an employer,

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Speaker 6: five thousand dollars a year gets invested for the first

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Speaker 6: eighteen years of their life. If you assume seven percent growth,

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Speaker 6: which has been the historical average for the stock market,

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Speaker 6: what do you think that eighteen year old has on

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Speaker 6: his eighteenth birthday.

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Speaker 4: I'm going to go with hundreds of thousands, if not

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Speaker 4: over a million.

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Speaker 6: One hundred and seventy thousand dollars. One hundred and seventy

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Speaker 6: thousand dollars. And by the way, this is not for

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Speaker 6: a rich kid. This is every baby in America. If

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Speaker 6: you're contributing all along, what do you think they have

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Speaker 6: if they continue doing that until age thirty five?

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Speaker 4: What is it?

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Speaker 6: Seven hundred thousand dollars?

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Speaker 4: There you go.

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Speaker 6: Now, that is transformational. But I'll tell you that's not

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Speaker 6: what Brad said that sold me on this. So Brad,

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Speaker 6: when he talked to me about this. I said, all right,

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Speaker 6: tell me your idea, and he pitched it. Here was

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Speaker 6: the argument he made. I'm gonna let him make it

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Speaker 6: in about thirty seconds. But the argument he made is

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Speaker 6: he said, look, young people, roughly half of them say

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Speaker 6: they believe in socialism. They don't believe in capitalism. The

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Speaker 6: real power of this is you're making every child in

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Speaker 6: America a capitalist. You're giving them a stake in the

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Speaker 6: American free enterprise system. You're giving him an ownership. So

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Speaker 6: you could have a ten twelve year old kid pull

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Speaker 6: out an app on his or her phone and say,

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Speaker 6: wait a second, I own one hundred dollars worth of

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Speaker 6: Apple stock, I own fifty bucks worth of Boeing, I

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Speaker 6: own seventy five bucks worth of worth of McDonald's. And

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Speaker 6: when they go in and buy a Big Mac, they're like,

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Speaker 6: wait a second. I'm not just a customer. I'm a stockholder.

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Speaker 6: I'm an owner of this company. And I think that

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Speaker 6: is profoundly powerful. And Brad, I want to give you

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Speaker 6: credit because you have been a relentless evangelist. You have

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Speaker 6: devoted thousand, if not tens of thousands of hours to

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Speaker 6: this and and and this vision. I believe in it.

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Speaker 6: But but, but I would not have been sold on

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Speaker 6: this idea had had you not put in so much

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Speaker 6: shoe leather and built such a strong business coalition behind it.

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Speaker 5: Well, you described it incredibly well. And the reason I

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Speaker 5: think we have such incredible support, incredible support in the

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Speaker 5: business community. These are the world's uh, you know, greatest CEOs.

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Speaker 5: You know, Jensen Hwang and Dvidian Renee has at arm

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Speaker 5: and Michael Dell's and and and Soffra cats at uh

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Speaker 5: you know at Oracle, and Fittman at iHeartMedia and and

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Speaker 5: Lisa Sue at A and b uh you know, Ryan

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Speaker 5: McInerney and Visa or Mel mcdermain at uh you know

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Speaker 5: Service now Darkasha shahiat Uber and the list goes on.

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Speaker 5: And notice you know are on the CEOs. It's not

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Speaker 5: a partisan issue. And we have incredible bipartisan support as

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Speaker 5: well on Capitol Hill because every parent's a better life

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Speaker 5: for their kid, right. I grew up in rural Indiana.

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Speaker 5: My dad was a first time entrepreneur and in nineteen

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Speaker 5: seventy eight in the rust belt, starting an autoparts manufacturing

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Speaker 5: business with double digit inflation, double digit interest rates. We

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Speaker 5: lost the house, We lost everything, so I understand profoundly

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Speaker 5: what it feels like to finally be in the game,

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Speaker 5: to finally own something. But for every parent who wants

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Speaker 5: a better life for their kid, whether they're in rural Texas,

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Speaker 5: whether they're in inner city Trenton, whether they're in rural Indiana,

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Speaker 5: I'm talking every town, every main street in America, those

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Speaker 5: kids will have a shot. They have skin in the game.

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Speaker 5: The most powerful economy in the world is the American economy.

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Speaker 5: For seventy five years, the S and P five hundred

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Speaker 5: has compounded at ten point two percent. And what has

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Speaker 5: Warren Buffett told us, start with a really small snowball

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Speaker 5: about a really long hill, And the longest hill you

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Speaker 5: can possibly imagine is starting at birth. Almost every American

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Speaker 5: today misses the first twenty five years of compounding. That's

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Speaker 5: nearly one third of your life. By starting these kids

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Speaker 5: off early, we give every kid a shot. We unlocked

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Speaker 5: all of that human potential and the financial literacy, the

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Speaker 5: hope and optimism, and their opportunity to participate in the

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Speaker 5: system is going to skyrocket. It's sad that less than

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Speaker 5: half of kids under the age of forty, or folks

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Speaker 5: under the age of forty have a positive view of capitalism,

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Speaker 5: but they're left out. They're not capitalists, they're not owners,

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Speaker 5: so it's easier for them to feel like the system

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Speaker 5: is rigged against them. This is going to change that

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Speaker 5: by aligning everybody with our capitalist, free enterprise principles.

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Speaker 6: So let me ask a quick question. Brad, you mentioned

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Speaker 6: your dad. You guys lost your home when you were

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Speaker 6: a kid, so I did too. How old were you

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Speaker 6: when that happened.

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Speaker 5: I was in sixth grade, so I.

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Speaker 6: Was in high school and my parents were small business

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Speaker 6: owners in Houston. And in the eighties, oil collapsed and

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Speaker 6: my parents went bankrupt and we lost our business, we

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Speaker 6: lost our home. I didn't realize You and I've been

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Speaker 6: friends a long time, but we haven't talked about this

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Speaker 6: that we both went through the experience. It's a traumatic

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Speaker 6: experience when you lose your home through through financial stress,

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Speaker 6: and it makes an impact on a kid, whether sixth

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Speaker 6: grade or for me it was eleventh grade, but it

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Speaker 6: you never forget it.

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Speaker 5: Well, I you know, I say, in life, you're either

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Speaker 5: running away from something or running towards something, And to me,

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Speaker 5: it plannet a seed and that seed was that I

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Speaker 5: didn't want my family to feel the pain that I

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Speaker 5: was feeling at that point in my life. And you know,

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Speaker 5: as a kid, my life I thought was pretty good,

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Speaker 5: but I felt bad for my dad. I felt bad

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Speaker 5: for my mom because I saw them struggling. And so

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Speaker 5: I know, you know later in life talking to mom,

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Speaker 5: she's now turning eighty nine next or turning ninety here

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Speaker 5: next week. Amazing, beautiful woman. But you know, she felt

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Speaker 5: the guilt of not being able to provide, not knowing

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Speaker 5: whether her child was going to have a better tomorrow.

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Speaker 5: And you know, she is such a supporter of this

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Speaker 5: idea because she said it would have taken so much

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Speaker 5: pressure off her just knowing that her kids were going

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Speaker 5: to have a shot. And so I think everybody deserves

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Speaker 5: you know, you and I have talked about this. See

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Speaker 5: this with a thousand bucks in the s and p.

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Speaker 5: Five hundred and then get out of the way and

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Speaker 5: let the magic of the private sector do its thing.

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Speaker 5: We're going to have a thousand to one contribution my parents,

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Speaker 5: you know, and we've done the study that it's not

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Speaker 5: just rich parents who say for their kids. Here's a

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Speaker 5: little known fact. You know, the reason poorer folks don't

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Speaker 5: save as much is because of course they don't have

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Speaker 5: savings accounts. This is going to disproportionately benefit the people

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Speaker 5: who are least likely to participate in the market. And

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Speaker 5: who is that right? Those are the people who are

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Speaker 5: the lowest boutumn fifty percent of the economy today. Because

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Speaker 5: it's hard to open up a custodial account for your child,

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Speaker 5: almost nobody does it. But if you start them off

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Speaker 5: with an account and you make it really easy for

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Speaker 5: these parents to venmull in twenty bucks a week or

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Speaker 5: thirty bucks a week, right to give up their Starbucks

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Speaker 5: in order that their kid might be able to save

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Speaker 5: a little bit more money. What we've learned is that

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Speaker 5: cohorts of four families say that about the rate that

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Speaker 5: the cohorts from wealthier families if they have an account. Well,

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Speaker 5: we're going to make it super easy for those parents

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Speaker 5: to contribute.

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Speaker 4: My dad was a police officer I grew up.

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Speaker 3: I would say lower middle class would be a fair

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Speaker 3: way of putting it. But there were several times where

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Speaker 3: we you know, things got really really tight and my

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Speaker 3: dad just put his head down and went to work

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Speaker 3: as a police officer. And I remember thinking, if he

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Speaker 3: only was able to at a younger age start investing,

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Speaker 3: especially even thinking about college.

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Speaker 4: We knew that we were on our own.

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Speaker 3: I mean, I knew that if I want to go

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Speaker 3: to college, I better be either good education, at having

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Speaker 3: great grades, or at a sport. It was made very

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Speaker 3: clear to me. But I can't imagine how.

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Speaker 6: By the way, brad Ben went to Ole miss on

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Speaker 6: a tennis scholarship. Yeah, so that's how he went to college.

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Speaker 4: No, and I knew that. I knew for that.

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Speaker 3: The pressure to get out was if I'm going to

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Speaker 3: go to college, I have to do these are my

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Speaker 3: only two options because there was no savings account, there

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Speaker 3: was no college fund, there was nothing. And I and

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Speaker 3: I look now as a father with two three kids,

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Speaker 3: and I and I sit there, I know, right, one

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Speaker 3: of the twins, right, which everyone's my favorite today.

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Speaker 6: I'm gonna get you in trouble because whoever it is,

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Speaker 6: he's going to listen and be like, dad, what about me?

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Speaker 4: Exactly?

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Speaker 3: And And but I sit there and I look at

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Speaker 3: my dad, and I feel bad now because I'm like,

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Speaker 3: I know, he just put his head down and he

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Speaker 3: made whatever he could make being a police officer. This

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Speaker 3: could have been transformative, I think for the pressure that

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Speaker 3: you just mentioned. It seems overwhelming to set up an account.

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Speaker 3: It seems overwhelming to start it, and so many parents

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Speaker 3: just assume I don't have enough money to do it.

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Speaker 3: So I'm not even going to be embarrassed and go

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Speaker 3: in and try seven account with one hundred dollars or

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Speaker 3: fifty dollars to start that nest egg.

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Speaker 4: This could be transforming.

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Speaker 3: And for a lot of parents that are just wanting

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Speaker 3: their kids to have a better life, the number one

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Speaker 3: thing that holds them back is that worry or the

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Speaker 3: embarrassment that they're not walking in with enough might have start.

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Speaker 5: It one hundred percent that well said. They call it

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Speaker 5: in economics the cold start problem, right, the cold start

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Speaker 5: problem is I don't know how, or I'm embarrassed, or

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Speaker 5: I don't have the time. Remember, lots of parents are

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Speaker 5: working one or two jobs. You know they not only

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Speaker 5: do they not know how, It takes time right to

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Speaker 5: set these things up. They're complex, and then you run

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Speaker 5: into questions and then how do you fund it? And

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Speaker 5: you know you have to have that next next fag

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Speaker 5: to get started, so it will unlock that power. But

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Speaker 5: let let me talk about two other areas we're going

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Speaker 5: to get incredible private sector participation. So we now have

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Speaker 5: companies representing ten millions of employees. And I mentioned a

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Speaker 5: lot of them, you know, but literally from Uber to

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Speaker 5: Goldman Sachs, from T Mobile to iHeartMedia, from a m

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Speaker 5: D to the southern companies, you know, an energy company.

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Speaker 5: And we're just getting started, right Wait until the President

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Speaker 5: and and folks on Capitol Hill and all these CEOs,

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Speaker 5: wait until we have this seat, this set up, and

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Speaker 5: we're going to ask every company in America to participate

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Speaker 5: in this, and it's going to become a feature of

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Speaker 5: their corporate benefit program and they're going to match and

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Speaker 5: what we've asked them to do by joining the CEO Council,

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Speaker 5: they've committed to two things. Number one, that they that

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Speaker 5: they agree to do what they can to help get

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Speaker 5: this pass. They think it's a great idea. But number two,

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Speaker 5: they've all made a commitment to contribute to the counts,

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Speaker 5: the accounts of the kids of their employees at a

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Speaker 5: level of participation that makes sense for their company. And

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Speaker 5: so I just had, you know, over here we're talking

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Speaker 5: about some people heard me talking about it yesterday. Another

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Speaker 5: couple of companies, you know set up. I was you know,

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Speaker 5: I was on Charlie Kirk last night and Charlie said,

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Speaker 5: we're going to do this for our employees, and so,

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Speaker 5: you know, I think that once people know about this,

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Speaker 5: we're going to have broad based participation. And when they

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Speaker 5: start adding one thousand dollars at birth or two thousand

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Speaker 5: dollars in that in those first few years, you're going

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Speaker 5: to double and triple those amounts that Ted was talking

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Speaker 5: about through the power of compounding. So whatever number you

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Speaker 5: get to starting at age zero, by agat, if you

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Speaker 5: start with twice the amount or three times the amount

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Speaker 5: of just skyrockets. But so that's corporals. But we're also

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Speaker 5: going to have some other big announcements. We have philanthropists

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Speaker 5: in this country. These are folks who you know, may

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Speaker 5: have millions of dollars, may have billions of dollars, may

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Speaker 5: have hundreds of billions of dollars, who've committed to adding

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Speaker 5: dollars to the accounts of these kids. So we're going

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Speaker 5: to make it really easy for philanthropy. Remember, we have

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Speaker 5: twenty trillion dollars of wealth transfer that's going to occur

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Speaker 5: in this country over the next fifteen years. You know,

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Speaker 5: as baby as the baby boomers, retire, move on, et cetera.

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Speaker 5: And many of these people want to give away this

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Speaker 5: money during their lifetime. But if you're Mike Bdell and

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Speaker 5: you have over one hundred billion dollars, you simply can't

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Speaker 5: give it away through charities fast enough. This gives you

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Speaker 5: a financial infrastructure right in order to match. So Michael

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Speaker 5: might say, I'm going to contribute to this five O

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Speaker 5: one C three and match for every kid in the

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Speaker 5: state of Texas, or maybe every kid in the country,

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Speaker 5: or maybe just every kid in the state of Texas

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Speaker 5: whose family earns under one hundred and fifty thousand dollars.

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Speaker 5: He's going to give five thousand dollars to each of

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Speaker 5: those kids. So we're gonna unlock the power of philanthropy

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Speaker 5: for invest America. And then finally I'll drop this out there.

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Speaker 5: I think you're going to see incredible experimentation at the

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Speaker 5: state and local and church level. Right this is going

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Speaker 5: to uh. I've had states reach out to me, folks

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Speaker 5: running for governor reach out to me, and you're going

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Speaker 5: to be hearing some announcements where they say, in order

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Speaker 5: to attract people to our state, we're going to launch

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Speaker 5: them at birth. We'll take some of our our revenue

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Speaker 5: from you know, from alcohol and cigarettes. We'll take some

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Speaker 5: of the you know that revenue, and we'll put it

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Speaker 5: into account for a kid who's born in this state,

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Speaker 5: and better yet, we may make you know, in a

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Speaker 5: bonus account if they graduate from high school in the state.

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Speaker 5: Because not only do we want to attract people, what

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Speaker 5: we want to keep them here. And so listen, there's

436
00:23:56,160 --> 00:24:00,440
Speaker 5: going to be a million entrepreneurial flowers that bloom on

437
00:24:00,640 --> 00:24:03,359
Speaker 5: top of this, and all of it gets back to

438
00:24:03,480 --> 00:24:07,680
Speaker 5: this fundamental We have too few people who participate in

439
00:24:07,720 --> 00:24:11,080
Speaker 5: the upside of America less. You know, seventy percent of

440
00:24:11,160 --> 00:24:13,840
Speaker 5: people have no skin in the game. They'll never have

441
00:24:14,000 --> 00:24:17,399
Speaker 5: an account their entire lifetime. That compounds. We're going to

442
00:24:17,520 --> 00:24:21,400
Speaker 5: change all that, and the senators leadership has been absolutely

443
00:24:21,520 --> 00:24:23,440
Speaker 5: crucial in order to make it happen.

444
00:24:24,440 --> 00:24:27,080
Speaker 6: So, Ben, let me ask you something. Yeah, are you

445
00:24:27,200 --> 00:24:28,240
Speaker 6: excited listening to this?

446
00:24:28,840 --> 00:24:31,480
Speaker 4: I am, because I am. No, I am, and I

447
00:24:31,640 --> 00:24:33,359
Speaker 4: think this is something that we've been missing.

448
00:24:33,440 --> 00:24:36,000
Speaker 3: You know, you remember when I was working with the

449
00:24:36,040 --> 00:24:39,080
Speaker 3: Bush administration, it was on Social Security form because it

450
00:24:39,240 --> 00:24:43,399
Speaker 3: was just a ponzi scheme in essence, where I was like,

451
00:24:43,560 --> 00:24:44,240
Speaker 3: what are we doing?

452
00:24:44,440 --> 00:24:47,560
Speaker 4: How are we not giving people more with investing?

453
00:24:47,800 --> 00:24:50,240
Speaker 3: And this is one of those things that for me,

454
00:24:50,480 --> 00:24:53,760
Speaker 3: is about financial freedom, and it allows people a chance

455
00:24:53,880 --> 00:24:56,560
Speaker 3: to succeed in the greatest country in the world and

456
00:24:56,760 --> 00:24:59,080
Speaker 3: do it in a way that is just so smart.

457
00:25:00,080 --> 00:25:02,399
Speaker 3: And I can't imagine what this is going to do

458
00:25:02,520 --> 00:25:07,960
Speaker 3: for single moms, for people that are working nine to

459
00:25:08,080 --> 00:25:11,560
Speaker 3: five jobs, two jobs, working hourly jobs. They say, now

460
00:25:11,720 --> 00:25:14,359
Speaker 3: I feel like even I can give my kids a

461
00:25:14,520 --> 00:25:17,560
Speaker 3: better life, because that's ultimately I think what every parent wants.

462
00:25:17,600 --> 00:25:20,080
Speaker 3: They want to give their chance, their kid a chance

463
00:25:20,640 --> 00:25:23,280
Speaker 3: to a better life than they live. And this is

464
00:25:23,359 --> 00:25:26,120
Speaker 3: an example of starting literally at day one of their

465
00:25:26,160 --> 00:25:27,440
Speaker 3: birth saying we've got.

466
00:25:27,320 --> 00:25:29,480
Speaker 4: You and this dag. Now let's go and build on it.

467
00:25:29,920 --> 00:25:32,080
Speaker 6: So Ben, one of the things Brad was describing that

468
00:25:32,160 --> 00:25:35,960
Speaker 6: has me really excited is the accelerator that is built

469
00:25:36,000 --> 00:25:40,359
Speaker 6: into it. So seating every account with a thousand dollars

470
00:25:40,480 --> 00:25:42,440
Speaker 6: is valuable. By the way, there are three point seven

471
00:25:42,520 --> 00:25:47,000
Speaker 6: million babies born every year, and so one thousand dollars

472
00:25:47,080 --> 00:25:49,920
Speaker 6: for three point seven million babies a three point seven

473
00:25:50,000 --> 00:25:52,960
Speaker 6: billion dollars a year. That means this will cost thirty

474
00:25:53,000 --> 00:25:56,720
Speaker 6: seven billion dollars over ten years. This is a four

475
00:25:56,800 --> 00:25:59,160
Speaker 6: to five trillion dollar tax cut. So thirty seven billion

476
00:25:59,200 --> 00:26:02,440
Speaker 6: dollars is a releivetively small piece. But you want to

477
00:26:02,560 --> 00:26:06,000
Speaker 6: talk about how it transforms America. That seed money is important.

478
00:26:07,080 --> 00:26:11,119
Speaker 6: Even more important is simply creating the account. As Brad noticed,

479
00:26:12,680 --> 00:26:15,520
Speaker 6: you know, two thirds of Americans will not have an

480
00:26:15,560 --> 00:26:18,520
Speaker 6: investment account, will not be invested in the market. And

481
00:26:18,760 --> 00:26:22,639
Speaker 6: we're creating a world where every child, every single child,

482
00:26:23,200 --> 00:26:27,720
Speaker 6: from gazillionaire kids to a homeless kid on the street

483
00:26:27,920 --> 00:26:32,560
Speaker 6: is suddenly has an account invested the market. That is transformative.

484
00:26:32,600 --> 00:26:35,399
Speaker 6: But then the accelerator. So what Brad has worked for

485
00:26:35,520 --> 00:26:39,720
Speaker 6: several years is he's brought together world class CEO some

486
00:26:39,800 --> 00:26:42,240
Speaker 6: of the most prominent CEOs in the country. He mentioned

487
00:26:42,240 --> 00:26:46,240
Speaker 6: Michael Dell. That was not theoretical. Michael is Michael is

488
00:26:46,240 --> 00:26:48,680
Speaker 6: a good friend of mine. He's a Texan, incredible entrepreneur

489
00:26:48,840 --> 00:26:52,960
Speaker 6: worth over one hundred billion dollars. Michael is the chairman

490
00:26:53,160 --> 00:26:55,720
Speaker 6: of the CEO Council for Invest America. So Michael is

491
00:26:55,800 --> 00:27:01,240
Speaker 6: leaning in heart. He's committed Dell Computers. When passes, Dell

492
00:27:02,000 --> 00:27:06,160
Speaker 6: will help fund the accounts for the kids of their employees.

493
00:27:06,240 --> 00:27:09,880
Speaker 6: That's powerful. But as Brad said, also Michael is quite

494
00:27:09,960 --> 00:27:14,040
Speaker 6: interested on the philanthropic side in supporting not just the

495
00:27:14,160 --> 00:27:16,960
Speaker 6: accounts for the children of his employees, but more broadly

496
00:27:17,400 --> 00:27:20,200
Speaker 6: having a bigger impact. I think we will see think

497
00:27:20,280 --> 00:27:23,600
Speaker 6: for a second, Ben about four to one k's. Remember

498
00:27:23,640 --> 00:27:25,560
Speaker 6: when we were kids, four O one k's didn't exist.

499
00:27:26,840 --> 00:27:30,760
Speaker 6: Now just about every every job at a big company,

500
00:27:31,520 --> 00:27:33,639
Speaker 6: it's part of the plan. It's part of the plan,

501
00:27:33,800 --> 00:27:37,400
Speaker 6: and the employer matches four A one K contributions makes

502
00:27:37,640 --> 00:27:42,320
Speaker 6: their own contributions. It's a really attractive employee benefit. And

503
00:27:42,440 --> 00:27:45,920
Speaker 6: what I like about this is the accelerator component that

504
00:27:46,040 --> 00:27:50,040
Speaker 6: I think you will end up having real wealth creation

505
00:27:50,280 --> 00:27:54,080
Speaker 6: that changes. Look an eighteen year old kid who's got

506
00:27:54,119 --> 00:27:57,000
Speaker 6: a single mom, who's not coming from money, who's living

507
00:27:57,040 --> 00:28:00,480
Speaker 6: in a rough environment, who suddenly got a couple one

508
00:28:00,520 --> 00:28:04,960
Speaker 6: hundred thousand dollars invested in the stock market. That changes

509
00:28:05,119 --> 00:28:09,080
Speaker 6: their whole life. This is this is life changing.

510
00:28:09,240 --> 00:28:12,440
Speaker 3: And well this also seems I go back to the

511
00:28:12,520 --> 00:28:15,320
Speaker 3: trickle down effect, and you know it's like four to

512
00:28:15,359 --> 00:28:18,040
Speaker 3: one ks. You remember when it was your grandparents and

513
00:28:18,160 --> 00:28:20,080
Speaker 3: your parents when you go to get your first job,

514
00:28:20,160 --> 00:28:21,600
Speaker 3: your first real job, Like, do.

515
00:28:21,640 --> 00:28:22,520
Speaker 4: They have a four to one k?

516
00:28:23,080 --> 00:28:25,880
Speaker 3: It's not the twenty one to twenty three year old

517
00:28:25,880 --> 00:28:29,080
Speaker 3: that's asking that question, it's the parents and grandparents.

518
00:28:29,160 --> 00:28:31,040
Speaker 4: I remember when I got my first other. They do

519
00:28:31,160 --> 00:28:32,800
Speaker 4: they match? Where they match? They have a four to

520
00:28:32,880 --> 00:28:33,159
Speaker 4: one K.

521
00:28:33,840 --> 00:28:37,919
Speaker 3: Imagine if you get that started in the mindset at

522
00:28:38,040 --> 00:28:41,720
Speaker 3: age literally zero, that can transform an entire nation.

523
00:28:42,640 --> 00:28:44,480
Speaker 6: So, Brad, let me ask you something. How did you

524
00:28:44,640 --> 00:28:47,560
Speaker 6: get involved in this to begin with? Because you were

525
00:28:47,640 --> 00:28:50,760
Speaker 6: passionate and working on this. I got involved with you

526
00:28:50,800 --> 00:28:52,880
Speaker 6: about a year ago, but you were passionate involved in

527
00:28:52,960 --> 00:28:55,560
Speaker 6: this long before that. What was the kernel of the

528
00:28:55,640 --> 00:28:56,600
Speaker 6: idea that started this?

529
00:28:57,280 --> 00:29:00,239
Speaker 5: Well, you know, you'll appreciate this senator as a as

530
00:29:00,280 --> 00:29:03,560
Speaker 5: a dad yourself. But you know I have two boys,

531
00:29:03,760 --> 00:29:09,400
Speaker 5: Lincoln and Jack, and they're sixteen and fourteen. And one

532
00:29:09,440 --> 00:29:10,960
Speaker 5: of the things we talk about a lot when we

533
00:29:11,040 --> 00:29:14,960
Speaker 5: sit around the dinner table is when we see problems,

534
00:29:15,800 --> 00:29:19,000
Speaker 5: don't complain about them, right, have a bias to action,

535
00:29:20,000 --> 00:29:22,880
Speaker 5: have a bias to action, do something about it, don't

536
00:29:22,960 --> 00:29:26,440
Speaker 5: just sit around and complain. And so, coming out of COVID,

537
00:29:27,120 --> 00:29:32,000
Speaker 5: I was showing them the investment accounts I set up

538
00:29:32,000 --> 00:29:34,360
Speaker 5: when they were born, yep. And we're talking about the

539
00:29:34,480 --> 00:29:37,480
Speaker 5: power of compounding, and we were showing they were talking

540
00:29:37,520 --> 00:29:40,320
Speaker 5: about the stocks that they owned, and I could see

541
00:29:40,400 --> 00:29:42,880
Speaker 5: their excitement and they said, Dad, when are we going

542
00:29:42,960 --> 00:29:46,080
Speaker 5: to be able to, you know, have some control over

543
00:29:46,240 --> 00:29:49,200
Speaker 5: what we're investing in. We want to learn more when

544
00:29:49,240 --> 00:29:51,520
Speaker 5: you set up a Robinhood account for course, et cetera.

545
00:29:52,120 --> 00:29:55,800
Speaker 5: And then we started talking about the wealth gap and

546
00:29:55,880 --> 00:29:58,640
Speaker 5: we started, you know, my son Lincoln brought me something

547
00:29:59,040 --> 00:30:01,880
Speaker 5: you know that was ahead line and it said ninety

548
00:30:01,960 --> 00:30:04,440
Speaker 5: three percent of stocks are owned by the wealthiest ten

549
00:30:04,520 --> 00:30:07,160
Speaker 5: percent of Americans. Yeah, and he said, Dad, I feel

550
00:30:07,360 --> 00:30:10,560
Speaker 5: I feel like, you know, I'm I'm glad you set

551
00:30:10,640 --> 00:30:12,440
Speaker 5: this up for me when I was a kid, but

552
00:30:12,560 --> 00:30:15,880
Speaker 5: I kind of feel guilty, like, what, why can't everybody

553
00:30:16,640 --> 00:30:19,960
Speaker 5: you know have this this uh, you know, same benefit?

554
00:30:20,640 --> 00:30:22,960
Speaker 5: And and I said, you know, we got to fix this.

555
00:30:23,080 --> 00:30:25,240
Speaker 5: And so he said to me, what are you going

556
00:30:25,320 --> 00:30:27,200
Speaker 5: to do about it? And I turned to him and

557
00:30:27,360 --> 00:30:29,440
Speaker 5: I said, no, what are we going to do about it?

558
00:30:29,800 --> 00:30:32,000
Speaker 5: And we made a commitment as a family that we're

559
00:30:32,040 --> 00:30:34,520
Speaker 5: going to do something about this. Yep. And you know,

560
00:30:34,680 --> 00:30:37,680
Speaker 5: it's been been one of the best parts of the journey.

561
00:30:37,760 --> 00:30:40,239
Speaker 5: We set up a five oh one C three uh

562
00:30:40,440 --> 00:30:45,360
Speaker 5: calling Best America, and we literally, you know, just started

563
00:30:45,920 --> 00:30:50,160
Speaker 5: uh you know, making the calls. And it was lining

564
00:30:50,280 --> 00:30:53,800
Speaker 5: up light minded thinkers in the private sector and lining

565
00:30:53,920 --> 00:30:58,120
Speaker 5: up light light minded folks in Washington. And you and

566
00:30:58,200 --> 00:31:00,560
Speaker 5: I have talked about this. I you know, I had

567
00:31:00,600 --> 00:31:03,640
Speaker 5: the good fortune when I was returning from studying overseas

568
00:31:03,720 --> 00:31:07,120
Speaker 5: in nineteen ninety ninety one to show up in Washington

569
00:31:07,200 --> 00:31:11,320
Speaker 5: and go work for the late and great Senator from Indiana,

570
00:31:11,440 --> 00:31:15,840
Speaker 5: Richard Lueger. Lub was a Rhodes scholar. He was a

571
00:31:15,920 --> 00:31:20,320
Speaker 5: mayor of Indianapolis, became a long serving senator, credible senator

572
00:31:20,360 --> 00:31:23,320
Speaker 5: and at the time he was working on denuclearizing the

573
00:31:23,440 --> 00:31:27,800
Speaker 5: nuclear stockpiles coming out of the Cold War with Sam Nunn.

574
00:31:28,720 --> 00:31:31,840
Speaker 5: And let's just say later in life, I went on

575
00:31:31,960 --> 00:31:35,120
Speaker 5: to have some success, and when I saw the Senator

576
00:31:35,480 --> 00:31:37,520
Speaker 5: in those later years, he said to me, you know,

577
00:31:37,640 --> 00:31:40,880
Speaker 5: don't waste it. You know, remember those days, remember those

578
00:31:40,960 --> 00:31:44,080
Speaker 5: runs around the wall in the mall in Washington, and

579
00:31:44,440 --> 00:31:46,520
Speaker 5: make sure you do something that matters. And so as

580
00:31:46,560 --> 00:31:48,960
Speaker 5: a family, we want to do something that matters and

581
00:31:49,000 --> 00:31:52,600
Speaker 5: I will say in the House, in the Senate, you know,

582
00:31:53,320 --> 00:31:56,200
Speaker 5: you know, in the White House, and in a broad

583
00:31:56,320 --> 00:31:59,320
Speaker 5: bipartisan way, and that was something that was really important

584
00:31:59,360 --> 00:32:04,000
Speaker 5: to me. We've had incredible support, and I said, I've

585
00:32:04,080 --> 00:32:07,160
Speaker 5: never seen an idea with a better product market fit.

586
00:32:07,400 --> 00:32:10,920
Speaker 5: Everybody I talked to in the private sector in Washington

587
00:32:11,360 --> 00:32:15,440
Speaker 5: was intrigued by the idea. But I remember we were

588
00:32:15,520 --> 00:32:18,520
Speaker 5: speaking with them. Speaker McCarthy in the House. Lincoln was

589
00:32:18,600 --> 00:32:20,840
Speaker 5: in the meeting with me. We had an incredible meeting

590
00:32:21,560 --> 00:32:23,680
Speaker 5: with the Speaker and we walked out and I said

591
00:32:23,760 --> 00:32:26,320
Speaker 5: to him, as we're looking at the rotunda in the House,

592
00:32:27,360 --> 00:32:30,640
Speaker 5: I said, every single good idea in America has started

593
00:32:30,720 --> 00:32:34,880
Speaker 5: with a conversation just like that. Right, As an entrepreneur

594
00:32:34,920 --> 00:32:38,720
Speaker 5: in Silica Valley, nothing happened in Zilica Valley right, not Google,

595
00:32:39,160 --> 00:32:43,440
Speaker 5: not open Ai, not Facebook, right without a conversation on

596
00:32:43,480 --> 00:32:45,440
Speaker 5: the back of a napkin. That starts as an idea.

597
00:32:45,920 --> 00:32:48,800
Speaker 5: And so I had started a few companies in Valley.

598
00:32:48,800 --> 00:32:52,000
Speaker 5: I knew something about starting things, and we just got

599
00:32:52,120 --> 00:32:55,040
Speaker 5: started and the snowball started rolling. And here we are

600
00:32:55,200 --> 00:32:57,840
Speaker 5: three and a half years later, and I think we're

601
00:32:57,880 --> 00:33:02,120
Speaker 5: on the precipice, great leadership, the great leadership in the

602
00:33:02,200 --> 00:33:06,000
Speaker 5: House and the White House of making this happen. And

603
00:33:06,280 --> 00:33:07,840
Speaker 5: I agree with you. I think we're going to look

604
00:33:07,920 --> 00:33:10,719
Speaker 5: back in ten or twenty years and this is going

605
00:33:10,800 --> 00:33:12,840
Speaker 5: to be a massive legacy of this moment.

606
00:33:13,280 --> 00:33:15,160
Speaker 3: You just said a word a moment ago, the word

607
00:33:15,280 --> 00:33:17,920
Speaker 3: and it's become a bad word now. Is bipartisan? It

608
00:33:18,080 --> 00:33:20,240
Speaker 3: like never happens anymore. So I'm going to ask both

609
00:33:20,320 --> 00:33:24,479
Speaker 3: of you this, is there a chance that this can

610
00:33:24,560 --> 00:33:27,440
Speaker 3: be such a great idea that it is in fact

611
00:33:27,680 --> 00:33:31,520
Speaker 3: bi partisan and that Democrats and Republicans can work together

612
00:33:31,600 --> 00:33:34,360
Speaker 3: like they used to twenty thirty years ago. When there

613
00:33:34,480 --> 00:33:38,520
Speaker 3: are nonpartisan ideas that are just great ideas that are

614
00:33:38,600 --> 00:33:40,840
Speaker 3: great for all Americans. And this one, by the way,

615
00:33:40,880 --> 00:33:43,000
Speaker 3: I would actually argue with Skew Moore to helping those

616
00:33:43,040 --> 00:33:44,320
Speaker 3: that are poor in this country.

617
00:33:44,560 --> 00:33:47,960
Speaker 6: Look at anyone else, unquestionably, and I'll give you some

618
00:33:48,080 --> 00:33:52,280
Speaker 6: positive signs on this one. There are significant overlaps between

619
00:33:52,360 --> 00:33:55,520
Speaker 6: this idea and an idea that Corey Booker had called

620
00:33:55,560 --> 00:33:58,680
Speaker 6: baby bonds, and his idea was to create bonds and

621
00:33:58,800 --> 00:34:01,480
Speaker 6: create a savings account for every baby born in America

622
00:34:01,720 --> 00:34:04,000
Speaker 6: and when he was running for president, he campaign on

623
00:34:04,040 --> 00:34:06,480
Speaker 6: that Corey's a friend of mine, Brad knows Corey. Well,

624
00:34:07,760 --> 00:34:10,760
Speaker 6: I will say this is different from Corey's baby bonds,

625
00:34:10,800 --> 00:34:14,080
Speaker 6: because I was not a supporter of just the baby

626
00:34:14,120 --> 00:34:17,400
Speaker 6: bonds of an investment account that is accruing interest. What

627
00:34:18,000 --> 00:34:22,920
Speaker 6: really sold me on this was making a generation of capitalists.

628
00:34:23,080 --> 00:34:25,440
Speaker 6: Was the fact that this money is not just a

629
00:34:25,520 --> 00:34:28,320
Speaker 6: savings account, which is easy for Democrats to support, but

630
00:34:28,520 --> 00:34:31,320
Speaker 6: rather it is investing in the equity markets. It is

631
00:34:31,440 --> 00:34:35,360
Speaker 6: making children owners of the major companies in America, and

632
00:34:35,719 --> 00:34:39,279
Speaker 6: that to me was really exciting. That being said, I

633
00:34:39,560 --> 00:34:42,520
Speaker 6: think there's a good chance that we will get Democrats

634
00:34:42,560 --> 00:34:45,719
Speaker 6: to support this. I'll say Dick Durbin, who is the

635
00:34:46,160 --> 00:34:49,520
Speaker 6: Democrat whip and very liberal senator, although I've served with

636
00:34:49,600 --> 00:34:52,480
Speaker 6: him on the Judiciary Committee for thirteen years. Dick Durbin,

637
00:34:52,520 --> 00:34:56,800
Speaker 6: in a press story today, actually praised this idea. And

638
00:34:56,880 --> 00:34:59,600
Speaker 6: it's common about me that Dick is wicked smart, but

639
00:34:59,680 --> 00:35:02,400
Speaker 6: we say about me, as he said, well, a stop

640
00:35:02,520 --> 00:35:05,640
Speaker 6: clock is right twice a day. And I actually ran

641
00:35:05,760 --> 00:35:09,799
Speaker 6: into Dick in the wall in the hallway and I said, Dick,

642
00:35:10,880 --> 00:35:12,719
Speaker 6: you praised me in the press he said it must

643
00:35:12,760 --> 00:35:15,040
Speaker 6: have been a mistake. And I reminded him of the

644
00:35:15,120 --> 00:35:17,200
Speaker 6: quote and he laughed, and I said, Dick, it's a

645
00:35:17,239 --> 00:35:20,080
Speaker 6: good thing you're retiring. They might primary in the Democrat

646
00:35:20,120 --> 00:35:23,279
Speaker 6: primary for saying something nice about me, but it's And

647
00:35:23,320 --> 00:35:25,760
Speaker 6: I'll tell you there was another Democrat senator, a freshman,

648
00:35:25,800 --> 00:35:28,319
Speaker 6: it was newly elected, who came and approached me and said,

649
00:35:28,320 --> 00:35:31,160
Speaker 6: I really like this idea. This is interesting. And I said, well, look,

650
00:35:31,719 --> 00:35:35,239
Speaker 6: so no Democrat is going to vote for the reconciliation bill.

651
00:35:35,320 --> 00:35:37,560
Speaker 6: That's going to be a pure party line bill. So

652
00:35:37,719 --> 00:35:40,840
Speaker 6: the actual bill that passes this no Democrat will vote for.

653
00:35:41,560 --> 00:35:44,279
Speaker 6: But what I told this this Democrat freshman, I said, well,

654
00:35:44,320 --> 00:35:47,480
Speaker 6: co sponsor my invest America bill, so you can make

655
00:35:47,640 --> 00:35:50,120
Speaker 6: clear you supported. I think we've got a decent chance

656
00:35:50,160 --> 00:35:53,000
Speaker 6: of getting Democrats on board. Brad did a good job

657
00:35:53,080 --> 00:35:58,040
Speaker 6: of talking to them. And I will tell you a

658
00:35:58,160 --> 00:36:00,400
Speaker 6: couple of things. So Brad was describing all the time

659
00:36:00,440 --> 00:36:04,240
Speaker 6: and energy he put in and he said, quite modestly,

660
00:36:04,320 --> 00:36:06,839
Speaker 6: he said, well, I've had some success in business. Ben

661
00:36:06,920 --> 00:36:10,640
Speaker 6: Let me be clear, Brad is a billionaire, like he's

662
00:36:10,680 --> 00:36:13,000
Speaker 6: got a crap ton of money, and he could sit

663
00:36:13,160 --> 00:36:15,719
Speaker 6: back and play golf all day long and never need

664
00:36:15,840 --> 00:36:18,080
Speaker 6: to work again, and he'd be fine, and his kids

665
00:36:18,120 --> 00:36:20,800
Speaker 6: would be fine, and his grandkids would be fine. But

666
00:36:20,920 --> 00:36:23,160
Speaker 6: he's not doing that. A He's got a ton of energy,

667
00:36:23,239 --> 00:36:27,440
Speaker 6: but he has poured so much time and energy and money.

668
00:36:27,719 --> 00:36:29,600
Speaker 6: So I will tell you the way this got done

669
00:36:29,760 --> 00:36:32,480
Speaker 6: is he was relentless. He was talking to everybody in

670
00:36:32,520 --> 00:36:35,120
Speaker 6: the House. Why is this in the House bill? Because

671
00:36:35,200 --> 00:36:37,880
Speaker 6: Brad was talking repeatedly to Jason Smith, the Chairman of

672
00:36:37,920 --> 00:36:40,720
Speaker 6: Ways and Means. He was talking repeatedly to Mike Johnson,

673
00:36:40,719 --> 00:36:42,319
Speaker 6: the Speaker of the House. By the way, I was too.

674
00:36:42,400 --> 00:36:44,360
Speaker 6: I was talking to both of them. They're both good friends.

675
00:36:44,840 --> 00:36:48,279
Speaker 6: He was talking repeatedly to me and other senators. I

676
00:36:48,800 --> 00:36:51,279
Speaker 6: sat down with Brad this week with Mike Crapo, the

677
00:36:51,360 --> 00:36:54,560
Speaker 6: chairman of the Finance Committee, who's drafting the tax portion

678
00:36:54,680 --> 00:36:57,160
Speaker 6: of the reconciliation of the Senate. He's been talking in

679
00:36:57,200 --> 00:36:59,200
Speaker 6: the White House to Kevin Hasset, who runs the National

680
00:36:59,239 --> 00:37:01,839
Speaker 6: Economic Council, over and over and over again. He's been

681
00:37:01,880 --> 00:37:04,719
Speaker 6: talking to the President. It has been that relentless. And

682
00:37:04,800 --> 00:37:08,719
Speaker 6: by the way, President Trump weighed in directly with the

683
00:37:08,760 --> 00:37:12,080
Speaker 6: Speaker of the House and said, I like this idea included.

684
00:37:12,160 --> 00:37:14,520
Speaker 6: How did this idea get like, like a lot of

685
00:37:14,600 --> 00:37:18,359
Speaker 6: the press is shocked, why is this in the House bill?

686
00:37:19,160 --> 00:37:21,680
Speaker 6: A big part of the reason is the President weighed

687
00:37:21,719 --> 00:37:24,640
Speaker 6: in and said I really like this idea, and so

688
00:37:24,840 --> 00:37:28,720
Speaker 6: the House included it. That wouldn't have happened without Brad's

689
00:37:28,719 --> 00:37:32,239
Speaker 6: efforts and my efforts making the case to the House,

690
00:37:32,320 --> 00:37:34,400
Speaker 6: to the Senate, and to the White House. And I

691
00:37:34,440 --> 00:37:38,279
Speaker 6: think we will get this done and it will have

692
00:37:38,440 --> 00:37:42,320
Speaker 6: an impact. When all three of us are dead and buried,

693
00:37:42,680 --> 00:37:44,920
Speaker 6: this will still be having a profound impact.

694
00:37:45,440 --> 00:37:47,759
Speaker 3: So for people that are listening, and this is when

695
00:37:47,760 --> 00:37:50,080
Speaker 3: I get genuinely excited and they say, all right, I

696
00:37:50,120 --> 00:37:52,200
Speaker 3: want to support this, what do they do?

697
00:37:52,560 --> 00:37:53,000
Speaker 4: Is it call?

698
00:37:53,160 --> 00:37:54,799
Speaker 3: Is this one of those where you say, call your

699
00:37:54,880 --> 00:37:58,000
Speaker 3: congress person, regardless of party, call your senator?

700
00:37:59,000 --> 00:38:00,880
Speaker 4: I mean that sound like a White House on boards.

701
00:38:00,920 --> 00:38:01,839
Speaker 4: You don't have to call them.

702
00:38:01,880 --> 00:38:03,680
Speaker 3: But what is it that the American people need to

703
00:38:03,719 --> 00:38:05,640
Speaker 3: do to help this get across the fish line as well?

704
00:38:05,840 --> 00:38:07,200
Speaker 6: So I've got an answer to that, and I want

705
00:38:07,239 --> 00:38:09,600
Speaker 6: Brad to chime in on this also, but I'd say

706
00:38:09,680 --> 00:38:12,719
Speaker 6: speak out, use your voice and say, this is a

707
00:38:12,840 --> 00:38:16,880
Speaker 6: great idea, and I like this, and Brad today was texting,

708
00:38:16,920 --> 00:38:20,200
Speaker 6: so he and I started the morning. Early this morning,

709
00:38:20,400 --> 00:38:22,960
Speaker 6: I did an interview on Squawkbox on CNBC, which I

710
00:38:23,040 --> 00:38:26,200
Speaker 6: love doing, and Brad called in form riod. By the way,

711
00:38:27,280 --> 00:38:32,520
Speaker 6: you might think, Okay, a billionaire Silicon Valley investor in

712
00:38:32,640 --> 00:38:36,120
Speaker 6: Saudi Arabia calling in the c NBC Squawkbox, this is

713
00:38:36,239 --> 00:38:40,640
Speaker 6: high falutin. This is fancy schmancy. Brad sent me the

714
00:38:40,719 --> 00:38:44,200
Speaker 6: picture of him. He was literally standing there holding his

715
00:38:44,400 --> 00:38:47,360
Speaker 6: laptop in the air like filming it on a zoom.

716
00:38:48,080 --> 00:38:50,200
Speaker 6: It was as low tech as can be. And we

717
00:38:50,280 --> 00:38:53,120
Speaker 6: did the interview together. But I want to tell you

718
00:38:53,200 --> 00:38:54,960
Speaker 6: two things on this because this is the answer to

719
00:38:55,000 --> 00:38:58,320
Speaker 6: what you can do. One, when I finished that interview,

720
00:38:58,520 --> 00:39:01,200
Speaker 6: and also when I finished the interview with Larry Cudlow,

721
00:39:01,200 --> 00:39:04,440
Speaker 6: which I did this afternoon, this is so cool. In

722
00:39:04,640 --> 00:39:08,200
Speaker 6: both instances, the cameraman who was filming us like the

723
00:39:08,440 --> 00:39:11,520
Speaker 6: squ I haven't told you this, Brad. At the end

724
00:39:11,560 --> 00:39:15,239
Speaker 6: of squawk the cameraman said, Wow, I have a daughter

725
00:39:15,280 --> 00:39:17,120
Speaker 6: as a senior in high school. I'd love for her

726
00:39:17,160 --> 00:39:20,000
Speaker 6: to have one hundred and seventy thousand dollars, and like

727
00:39:20,200 --> 00:39:23,480
Speaker 6: the cameraman on, Cudlow said basically the same thing. I mean,

728
00:39:23,640 --> 00:39:25,880
Speaker 6: it was, you want to talk about a message that

729
00:39:25,960 --> 00:39:30,359
Speaker 6: resonates people think, wait, this could really help my kid.

730
00:39:31,239 --> 00:39:33,680
Speaker 6: And that was cool, But on the question of what

731
00:39:33,800 --> 00:39:37,279
Speaker 6: you can do, and I'm so brad today at eleven

732
00:39:37,360 --> 00:39:41,480
Speaker 6: thirty six am, he texted me, how are you tackling

733
00:39:41,680 --> 00:39:45,400
Speaker 6: the quote this is socialism? Retort? And so there are

734
00:39:45,480 --> 00:39:47,759
Speaker 6: some people online who are saying, that's just saying that.

735
00:39:47,920 --> 00:39:50,200
Speaker 3: By the way, people are coming after you in the

736
00:39:50,520 --> 00:39:52,560
Speaker 3: White House saying this is socialism straight up.

737
00:39:52,640 --> 00:39:54,560
Speaker 4: So let's respond to that. Okay.

738
00:39:54,760 --> 00:39:57,080
Speaker 6: So I texted him back. I'm just going to read

739
00:39:57,080 --> 00:40:00,680
Speaker 6: you my text. I said, yep, it's the opposite of socialism.

740
00:40:01,040 --> 00:40:05,120
Speaker 6: The definition of socialism is government ownership or control of

741
00:40:05,200 --> 00:40:09,080
Speaker 6: the means of production or distribution. This is ownership and

742
00:40:09,160 --> 00:40:14,960
Speaker 6: control by millions of citizens. It is making them capitalists.

743
00:40:15,840 --> 00:40:20,600
Speaker 6: Online people use quote socialism as a shorthand for any

744
00:40:20,640 --> 00:40:24,759
Speaker 6: government spending or tax credits. But obviously some is good

745
00:40:25,200 --> 00:40:27,920
Speaker 6: and some is bad. And so I will say what

746
00:40:28,000 --> 00:40:30,600
Speaker 6: I will encourage our listeners to just speak out and say, look,

747
00:40:31,760 --> 00:40:35,680
Speaker 6: helping people creating a vehicle for our children to invest,

748
00:40:35,760 --> 00:40:39,440
Speaker 6: to accumulate wealth, to transform their lives, to have resources

749
00:40:39,480 --> 00:40:41,359
Speaker 6: to get an education, to buy a house, to start

750
00:40:41,400 --> 00:40:46,040
Speaker 6: a business, to climb the economic ladder much faster. That

751
00:40:46,320 --> 00:40:50,640
Speaker 6: is incredibly worthwhile. And creating people who are capitalists and

752
00:40:50,800 --> 00:40:54,040
Speaker 6: invested in the free market system, that is, if anything,

753
00:40:54,360 --> 00:40:57,000
Speaker 6: more valuable. And so I think adding your voices and

754
00:40:57,120 --> 00:41:00,840
Speaker 6: by the way, for some of the critics, they're quieted

755
00:41:00,960 --> 00:41:04,560
Speaker 6: by the fact that the President Trump enthusiastically supports this,

756
00:41:05,360 --> 00:41:08,759
Speaker 6: but but it is really transformed. To Brad, what do

757
00:41:08,840 --> 00:41:10,399
Speaker 6: you think about that? I kind of went at a rant.

758
00:41:10,840 --> 00:41:14,640
Speaker 5: No, well said number one. I would say on Twitter

759
00:41:14,800 --> 00:41:18,920
Speaker 5: or X follow it at invest America twenty four. So

760
00:41:19,000 --> 00:41:21,399
Speaker 5: it's just at Invest America twenty four. And what we're

761
00:41:21,400 --> 00:41:23,879
Speaker 5: going to do there, like we've been doing for three years,

762
00:41:23,960 --> 00:41:26,360
Speaker 5: We're just going to continue to post the updates so

763
00:41:26,520 --> 00:41:30,319
Speaker 5: people can stay informed. Right. Secondly, as the senator said,

764
00:41:30,360 --> 00:41:33,480
Speaker 5: way in you know, use your voice, use your voice

765
00:41:33,520 --> 00:41:37,279
Speaker 5: in your social networks, direct people to follow it. We're

766
00:41:37,320 --> 00:41:40,319
Speaker 5: building the movement, and the movement's going to last well

767
00:41:40,440 --> 00:41:44,120
Speaker 5: beyond just getting the legislation pass. Remember when we passed

768
00:41:44,120 --> 00:41:47,279
Speaker 5: the legislation. Now the Treasury Department is going to set

769
00:41:47,360 --> 00:41:49,719
Speaker 5: up these accounts, and so you know, we're going to

770
00:41:49,800 --> 00:41:53,279
Speaker 5: integrate this into the financial literacy across the country. There

771
00:41:53,320 --> 00:41:57,840
Speaker 5: are already thirty states that require literacy in high school.

772
00:41:58,080 --> 00:42:00,640
Speaker 5: But think about this, it's hard to learn about financial

773
00:42:00,680 --> 00:42:03,239
Speaker 5: literacy when your parents don't own anything, when you don't

774
00:42:03,280 --> 00:42:06,160
Speaker 5: own anything, and you have no prospect of owning anything.

775
00:42:06,520 --> 00:42:08,439
Speaker 5: Now they're going to say, get out your phone, open

776
00:42:08,520 --> 00:42:11,040
Speaker 5: up your Best America account. We're going to talk about

777
00:42:11,080 --> 00:42:13,440
Speaker 5: how you got twenty five thousand dollars in that account,

778
00:42:13,640 --> 00:42:15,760
Speaker 5: what it means to own a little bit of Nvidia

779
00:42:16,120 --> 00:42:20,520
Speaker 5: or Berkshire halfway, how compounding works, how stocks work, what

780
00:42:20,760 --> 00:42:25,360
Speaker 5: voting rights you know in these companies mean. So like,

781
00:42:25,560 --> 00:42:28,000
Speaker 5: this is going to be a movement that lasts well

782
00:42:28,120 --> 00:42:33,080
Speaker 5: beyond you know, just getting the legislation, but certainly way in.

783
00:42:33,520 --> 00:42:37,880
Speaker 5: And yeah, I want to underscore Senator that, you know,

784
00:42:38,000 --> 00:42:41,879
Speaker 5: the Senator's leadership has been incredible here. But what will

785
00:42:41,960 --> 00:42:45,920
Speaker 5: make this big and beautiful is by building a giant tent.

786
00:42:46,120 --> 00:42:49,960
Speaker 5: I will tell you this. I have had former Democratic president,

787
00:42:50,400 --> 00:42:54,000
Speaker 5: I had had lots of members of the Democratic Party

788
00:42:54,120 --> 00:42:58,080
Speaker 5: in the Senate, in the House and across America, tell

789
00:42:58,160 --> 00:43:00,319
Speaker 5: me what a great idea this is the I can't

790
00:43:00,360 --> 00:43:03,080
Speaker 5: wait until this happens for the benefit of their kids,

791
00:43:03,120 --> 00:43:06,319
Speaker 5: because I want to return to this fundamental principle. If

792
00:43:06,320 --> 00:43:10,239
Speaker 5: you're a parent, if you've experienced having a child, you

793
00:43:10,440 --> 00:43:12,680
Speaker 5: know you would give the shirt off your back to

794
00:43:12,760 --> 00:43:16,279
Speaker 5: your child. There's nothing parents want more that a better

795
00:43:16,400 --> 00:43:19,120
Speaker 5: shot for their kid than the shot that they had.

796
00:43:19,440 --> 00:43:21,320
Speaker 5: And this is the way that we do it. It

797
00:43:21,520 --> 00:43:28,040
Speaker 5: unleashes economic mobility, it unleashes human potential. It aligns everybody

798
00:43:28,440 --> 00:43:33,560
Speaker 5: with the democratic, free market, free enterprise principles which has

799
00:43:33,680 --> 00:43:36,319
Speaker 5: made this country so great. You know, here I am

800
00:43:36,400 --> 00:43:39,120
Speaker 5: in Saudi Arabia today, I'm looking out the window of

801
00:43:39,200 --> 00:43:41,440
Speaker 5: my hotel and I will tell you, while it's a

802
00:43:41,600 --> 00:43:45,799
Speaker 5: very wealthy nation, the wealth is not equally distributed. Right.

803
00:43:46,239 --> 00:43:49,680
Speaker 5: One of the powers of America is we have the

804
00:43:49,800 --> 00:43:54,719
Speaker 5: greatest economic mobility in the world. But for too long,

805
00:43:54,880 --> 00:43:57,480
Speaker 5: over the course of the last thirty years, we've had

806
00:43:57,640 --> 00:44:01,799
Speaker 5: a concentration of that because the stock market has been

807
00:44:01,920 --> 00:44:06,160
Speaker 5: the thing that's compounded all the value, and less than

808
00:44:06,680 --> 00:44:09,160
Speaker 5: three percent of the market is owned by the bottom

809
00:44:09,239 --> 00:44:11,920
Speaker 5: sixty percent of people. We're going to turn that on

810
00:44:12,080 --> 00:44:15,400
Speaker 5: its head by getting everybody into the game. And so

811
00:44:15,719 --> 00:44:19,040
Speaker 5: every rural town in Texas, Senator, where you have folks

812
00:44:19,040 --> 00:44:21,200
Speaker 5: who want to vote for you, it doesn't matter the color,

813
00:44:21,320 --> 00:44:24,280
Speaker 5: the race, doesn't matter if you're working one or two jobs.

814
00:44:24,560 --> 00:44:26,160
Speaker 5: You're going to have a lot more hope for your

815
00:44:26,239 --> 00:44:28,480
Speaker 5: kid and you're going to have an account that you

816
00:44:28,560 --> 00:44:32,399
Speaker 5: can contribute to that future. So that's all I would

817
00:44:32,400 --> 00:44:35,279
Speaker 5: weigh in, you know, and I hope people have an

818
00:44:35,320 --> 00:44:37,680
Speaker 5: open mind. I think they will. You know, you mentioned

819
00:44:37,719 --> 00:44:40,640
Speaker 5: Social Security and obviously that's a sacred promise got to

820
00:44:40,680 --> 00:44:44,520
Speaker 5: be met, and this is something totally different. But you know,

821
00:44:44,840 --> 00:44:48,320
Speaker 5: if I asked you guys, most Americans would have no

822
00:44:48,480 --> 00:44:52,080
Speaker 5: idea whether that was passed by a Republican or a Democrat.

823
00:44:52,239 --> 00:44:55,040
Speaker 5: Most Americans would have no idea about the political debates.

824
00:44:55,480 --> 00:44:58,080
Speaker 5: Most Americans would have no idea. You know how many

825
00:44:58,200 --> 00:45:00,840
Speaker 5: votes had caught in favor of it. Republican votes are

826
00:45:00,840 --> 00:45:05,600
Speaker 5: where they Democrat votes. Right, What people remember is doing

827
00:45:05,760 --> 00:45:09,760
Speaker 5: something that helps America come together on Team America, something

828
00:45:09,800 --> 00:45:13,520
Speaker 5: that unites us not divides us, right, something that uplifts

829
00:45:13,600 --> 00:45:16,560
Speaker 5: families around the country. And I can't think of anything

830
00:45:16,640 --> 00:45:20,920
Speaker 5: more powerful than the power of invest America accounts for

831
00:45:21,000 --> 00:45:23,440
Speaker 5: all these kids born. You know, I'll leave you with this.

832
00:45:24,000 --> 00:45:27,439
Speaker 5: Twenty twenty six is the two hundred and fiftieth anniversary

833
00:45:27,760 --> 00:45:31,440
Speaker 5: of this great American experiment. Right, and the three folks

834
00:45:31,520 --> 00:45:35,160
Speaker 5: on this on the Zoom or on this podcast are

835
00:45:35,920 --> 00:45:39,920
Speaker 5: living testiments. Right. Our parents struggled. Two of us had

836
00:45:40,000 --> 00:45:45,080
Speaker 5: parents still bankrupt. Right, and this country has been unbelievably

837
00:45:45,160 --> 00:45:48,840
Speaker 5: good to us. We can unlock that power for millions

838
00:45:48,960 --> 00:45:51,960
Speaker 5: and millions and millions more kids. And this is one

839
00:45:52,000 --> 00:45:54,120
Speaker 5: of the ways we can do. Lots of great ideas

840
00:45:54,200 --> 00:45:56,680
Speaker 5: out there, but you know, we got work to do

841
00:45:56,800 --> 00:45:59,400
Speaker 5: to get this passed. So I'm gonna be back in Washington,

842
00:45:59,719 --> 00:46:03,040
Speaker 5: work with the Senator, building that broad coalition, making sure

843
00:46:03,080 --> 00:46:07,080
Speaker 5: that we get it done. And you know, and just

844
00:46:07,160 --> 00:46:08,640
Speaker 5: can't thank you enough for your support.

845
00:46:08,760 --> 00:46:11,360
Speaker 2: Thank you for listening to the forty seven Morning Update

846
00:46:11,560 --> 00:46:15,560
Speaker 2: with Ben Ferguson. Please make sure you hit subscribe wherever

847
00:46:15,680 --> 00:46:18,680
Speaker 2: you're listening to this podcast right now and for more

848
00:46:18,760 --> 00:46:22,440
Speaker 2: in depth news, also subscribe to the Ben Ferguson podcast

849
00:46:22,760 --> 00:46:24,480
Speaker 2: and we will see you back here tomorrow.