1 00:00:01,240 --> 00:00:05,920 Speaker 1: There is a huge and transformative idea that could become 2 00:00:05,960 --> 00:00:10,120 Speaker 1: a reality for every child that is born in America, 3 00:00:10,640 --> 00:00:13,880 Speaker 1: a four oh one K account with a nest egg 4 00:00:14,080 --> 00:00:17,640 Speaker 1: to begin at the day a child is born in 5 00:00:17,680 --> 00:00:21,360 Speaker 1: this country. For every child. It is called the invest 6 00:00:21,480 --> 00:00:25,560 Speaker 1: America four one K act. Others are calling it a 7 00:00:25,680 --> 00:00:29,720 Speaker 1: MAGA account. Now, this could change how kids grow up 8 00:00:29,800 --> 00:00:33,800 Speaker 1: because of the power of compound interest, having seed money 9 00:00:33,800 --> 00:00:36,120 Speaker 1: that is put in, and then many companies are now 10 00:00:36,200 --> 00:00:39,200 Speaker 1: saying they want to get involved as well to make 11 00:00:39,240 --> 00:00:43,199 Speaker 1: sure that they give actual donations to these accounts for 12 00:00:43,280 --> 00:00:47,400 Speaker 1: their employees' children. Now, it could fundamentally change this country, 13 00:00:47,840 --> 00:00:52,880 Speaker 1: especially for poorer Americans who are struggling, because it gives 14 00:00:52,920 --> 00:00:56,720 Speaker 1: a roadmap to success. There are so many different people 15 00:00:56,720 --> 00:00:58,880 Speaker 1: that are in this country that never even have or 16 00:00:59,000 --> 00:01:01,840 Speaker 1: open an investment count because they think either they don't 17 00:01:01,880 --> 00:01:04,480 Speaker 1: have enough money for anyone to open that account or 18 00:01:04,480 --> 00:01:07,360 Speaker 1: they think it's just too complicated. Well, this would also 19 00:01:07,400 --> 00:01:10,440 Speaker 1: get rid of that stigma as well. I sat down 20 00:01:10,440 --> 00:01:13,720 Speaker 1: with Center Teed Kruz, who's the architect behind this idea 21 00:01:14,000 --> 00:01:16,760 Speaker 1: and one of those that is helping with this idea 22 00:01:16,760 --> 00:01:20,080 Speaker 1: as well. With the Trump administration, and in fact, there's 23 00:01:20,120 --> 00:01:24,160 Speaker 1: a very good chance now this could become bipartisan in nature. 24 00:01:24,600 --> 00:01:28,479 Speaker 1: Here is that conversation. Take a listen, all right, so Centater, 25 00:01:28,600 --> 00:01:33,160 Speaker 1: let's talk about the invest America. This idea. It is 26 00:01:33,200 --> 00:01:36,160 Speaker 1: something you've actually been working on for quite some time. 27 00:01:36,480 --> 00:01:38,880 Speaker 1: Plus you have a special guest joining us to explain 28 00:01:38,920 --> 00:01:39,440 Speaker 1: it as well. 29 00:01:40,000 --> 00:01:40,160 Speaker 2: Well. 30 00:01:40,200 --> 00:01:43,200 Speaker 3: I'm very proud to welcome to Verdict Brad Gershner. Brad 31 00:01:43,520 --> 00:01:48,360 Speaker 3: is a major Silicon Valley entrepreneur. He runs a hedge fund, 32 00:01:48,400 --> 00:01:52,640 Speaker 3: Altimeter Capital, in Silicon Valley. He's been incredibly successful and 33 00:01:53,040 --> 00:01:55,160 Speaker 3: he's become a really good friend over the past year. 34 00:01:55,640 --> 00:01:59,480 Speaker 3: And he is calling in and joining Verdict from Riad. 35 00:01:59,320 --> 00:02:00,000 Speaker 4: Saudi Arabia. 36 00:02:00,120 --> 00:02:03,240 Speaker 3: So he is there with the President, with David Sachs. 37 00:02:03,520 --> 00:02:06,440 Speaker 3: He is on the trip. And I will tell you 38 00:02:07,000 --> 00:02:10,080 Speaker 3: when we talked about the four victories in the House bill, 39 00:02:11,120 --> 00:02:15,080 Speaker 3: the victory of invest America. I don't think there is 40 00:02:15,160 --> 00:02:18,080 Speaker 3: any person who has worked harder to make this a 41 00:02:18,160 --> 00:02:22,680 Speaker 3: reality than Brad has. And I met Brad a little 42 00:02:22,720 --> 00:02:24,440 Speaker 3: over a year ago. He and I have been working 43 00:02:24,440 --> 00:02:28,280 Speaker 3: together on this since April of last year, and he 44 00:02:28,320 --> 00:02:33,440 Speaker 3: has been working to build the business coalition behind invest 45 00:02:33,520 --> 00:02:38,839 Speaker 3: America and bringing together major CEOs business leaders that see 46 00:02:38,639 --> 00:02:43,080 Speaker 3: the incredible power of four oh one k's for every 47 00:02:43,080 --> 00:02:46,959 Speaker 3: newborn in America. And so Brad from Riod on the 48 00:02:47,000 --> 00:02:48,960 Speaker 3: other side of the planet. And it is by the way, 49 00:02:49,720 --> 00:02:51,799 Speaker 3: right now, Ben and I are doing this. It is 50 00:02:51,840 --> 00:02:55,519 Speaker 3: eleven twenty six pm in d C. It is six 51 00:02:55,639 --> 00:02:57,680 Speaker 3: twenty six in the morning in Riod, and so he 52 00:02:57,720 --> 00:02:58,600 Speaker 3: got up to join us. 53 00:02:58,800 --> 00:02:59,920 Speaker 4: Brad, Welcome to Verdict. 54 00:03:01,080 --> 00:03:03,600 Speaker 2: Oh, it's great to be here. Thanks for having me. Ben, 55 00:03:04,080 --> 00:03:07,799 Speaker 2: good to connect and Senator Wow, just watching the launch 56 00:03:07,919 --> 00:03:12,560 Speaker 2: of invest America under your leadership. Today the House Waves 57 00:03:12,600 --> 00:03:15,640 Speaker 2: and Means Committee, Jason Smith, the Speaker of the House, 58 00:03:15,680 --> 00:03:18,200 Speaker 2: it's an exciting day, and I can tell you it's 59 00:03:18,240 --> 00:03:22,920 Speaker 2: also an incredibly exciting day in Riant, Saudi Arabia. The 60 00:03:23,080 --> 00:03:25,560 Speaker 2: US is back on its front foot. As you said, 61 00:03:25,919 --> 00:03:31,080 Speaker 2: I'm traveling with David Sachs, who is spreading the accelerationists 62 00:03:32,040 --> 00:03:35,360 Speaker 2: gospel of artificial intelligence. We want the world running on 63 00:03:35,560 --> 00:03:41,080 Speaker 2: US compute on USAI, and so it's been a it's 64 00:03:41,120 --> 00:03:44,640 Speaker 2: been a really encouraging trip. But I'm thrilled to be here, 65 00:03:44,680 --> 00:03:47,120 Speaker 2: thrilled to be on the Verdict because of best America 66 00:03:47,120 --> 00:03:48,320 Speaker 2: I think can change the country. 67 00:03:48,720 --> 00:03:48,920 Speaker 4: Yeah. 68 00:03:48,960 --> 00:03:51,440 Speaker 3: Look, I fully agree, and I will say to our listeners. 69 00:03:51,880 --> 00:03:56,760 Speaker 3: David Sachs is another incredibly successful Silicon Valley entrepreneur. He's 70 00:03:56,800 --> 00:03:59,320 Speaker 3: been someone I've known for a long time. He's one 71 00:03:59,320 --> 00:04:01,640 Speaker 3: of the host of the All In podcast, which is 72 00:04:01,680 --> 00:04:05,760 Speaker 3: incredibly successful. And Brad runs in in in that circle 73 00:04:05,800 --> 00:04:09,200 Speaker 3: as well. And and David is serving in the White 74 00:04:09,200 --> 00:04:12,360 Speaker 3: House right now as the President's chief advisor on an 75 00:04:12,440 --> 00:04:15,400 Speaker 3: artificial intelligence and chief advisor and cryptocurrency. 76 00:04:15,400 --> 00:04:16,560 Speaker 4: And so he's doing a great job. 77 00:04:16,600 --> 00:04:19,160 Speaker 3: And he and Brad are are traveling to the Middle 78 00:04:19,200 --> 00:04:22,840 Speaker 3: East and and just today they announced what a trillion 79 00:04:22,960 --> 00:04:26,479 Speaker 3: dollars in new investments in the United States, and so 80 00:04:26,680 --> 00:04:31,320 Speaker 3: it's really potent. But but let's let's do a deep 81 00:04:31,400 --> 00:04:35,960 Speaker 3: dive into invest America. Now, I'll tell you, bet Ben, 82 00:04:36,720 --> 00:04:38,160 Speaker 3: do you know how I got to know Brad? 83 00:04:38,560 --> 00:04:39,040 Speaker 5: How is that? 84 00:04:40,160 --> 00:04:40,240 Speaker 2: So? 85 00:04:40,520 --> 00:04:44,960 Speaker 3: Last spring, I'm sitting at a poker table in Vegas. 86 00:04:45,000 --> 00:04:46,120 Speaker 4: It's about one in the morning. 87 00:04:47,080 --> 00:04:49,000 Speaker 5: I'm already I'm already in on this story. 88 00:04:49,680 --> 00:04:51,520 Speaker 4: And I'm every. 89 00:04:50,560 --> 00:04:54,120 Speaker 1: Every story starts with the poker table at one am 90 00:04:54,160 --> 00:04:54,839 Speaker 1: in Vegas. 91 00:04:55,000 --> 00:04:58,560 Speaker 3: Yes, and every every year I do a fundraiser in 92 00:04:58,640 --> 00:05:01,279 Speaker 3: Vegas where we play pokers great fun. We usually play 93 00:05:01,400 --> 00:05:04,200 Speaker 3: till three or four in the morning, and we get 94 00:05:04,360 --> 00:05:06,840 Speaker 3: typically a number of poker pros who come and join 95 00:05:06,920 --> 00:05:10,039 Speaker 3: us and play. And so last year I was playing with, 96 00:05:10,080 --> 00:05:14,480 Speaker 3: among others, Phil Hellmuth, who is one of the greatest 97 00:05:14,480 --> 00:05:17,440 Speaker 3: poker players to ever live. If if Phil were on, 98 00:05:17,480 --> 00:05:19,920 Speaker 3: he would say he is the greatest poker player to 99 00:05:19,920 --> 00:05:24,760 Speaker 3: ever live. And ed, Brad, you know that's true, but 100 00:05:24,760 --> 00:05:26,520 Speaker 3: but he's greatest. 101 00:05:27,080 --> 00:05:28,440 Speaker 4: He's got a good argument. 102 00:05:28,480 --> 00:05:31,719 Speaker 3: He's got he he has got fifteen bracelets, he's he's 103 00:05:31,720 --> 00:05:34,839 Speaker 3: a World Series champion. And we're talking and we're sitting 104 00:05:34,839 --> 00:05:37,680 Speaker 3: there talking and playing. And I played with Phil a 105 00:05:37,720 --> 00:05:39,200 Speaker 3: number of times, and he says, hey, do you know 106 00:05:39,240 --> 00:05:41,360 Speaker 3: Brad gerstro I said, no, no, no, idea, who is he? 107 00:05:41,400 --> 00:05:43,360 Speaker 3: And he said, all right, you got to know him. 108 00:05:43,360 --> 00:05:46,320 Speaker 3: He's a great guy. He's like driving this this great 109 00:05:46,400 --> 00:05:50,520 Speaker 3: program to to like have every every baby at every 110 00:05:50,600 --> 00:05:53,279 Speaker 3: child in America invested the stock market. I said, that's interesting. 111 00:05:53,279 --> 00:05:55,480 Speaker 3: I want to know more about that. Phil pulled out 112 00:05:55,520 --> 00:05:59,360 Speaker 3: his phone and texted Brad and me connected us on 113 00:05:59,360 --> 00:06:02,440 Speaker 3: on sell that night at one in the morning, and 114 00:06:02,480 --> 00:06:07,039 Speaker 3: we began working together starting in spring of last year. 115 00:06:07,720 --> 00:06:11,400 Speaker 5: That's incredible. That is how a friendship grows. 116 00:06:11,680 --> 00:06:14,400 Speaker 1: And let me guess that's how you guys both got 117 00:06:14,400 --> 00:06:17,360 Speaker 1: in on this. Hey, what a brilliant idea to allow 118 00:06:17,440 --> 00:06:20,080 Speaker 1: every kid in America that's got a Social Security number 119 00:06:20,160 --> 00:06:23,040 Speaker 1: to be able to start investing in essence the day 120 00:06:23,080 --> 00:06:26,400 Speaker 1: they're born, understand that they have a chance to have 121 00:06:26,480 --> 00:06:29,599 Speaker 1: a nest egg when they grow older. I've got three boys, center. 122 00:06:30,279 --> 00:06:32,680 Speaker 1: This is something I think about. It's two things. I 123 00:06:32,680 --> 00:06:35,520 Speaker 1: think about college. I think about saving for school, and 124 00:06:35,560 --> 00:06:37,760 Speaker 1: I think about them having something to start out their 125 00:06:37,760 --> 00:06:40,279 Speaker 1: lives with. And that's the essence of what you guys 126 00:06:40,279 --> 00:06:41,360 Speaker 1: are trying to pull off here. 127 00:06:41,640 --> 00:06:43,640 Speaker 3: So let me describe the vision of it, and then 128 00:06:43,640 --> 00:06:45,960 Speaker 3: I want Brad to tell the story because he really 129 00:06:45,960 --> 00:06:48,560 Speaker 3: did the shoe leather to make this work. But the 130 00:06:48,640 --> 00:06:51,000 Speaker 3: vision of it, and it is included in the House 131 00:06:51,040 --> 00:06:56,279 Speaker 3: Ways and Means Draft right now, is that every newborn 132 00:06:56,360 --> 00:07:01,120 Speaker 3: child in America will have an investment account created automatically 133 00:07:01,160 --> 00:07:04,760 Speaker 3: open for them and seeded with one thousand dollars. One 134 00:07:04,760 --> 00:07:08,839 Speaker 3: thousand dollars that comes from the government to start it. Uh, 135 00:07:09,080 --> 00:07:13,440 Speaker 3: that's important to get it going. But even more important 136 00:07:13,800 --> 00:07:16,600 Speaker 3: is that every one of those accounts, you can contribute 137 00:07:16,680 --> 00:07:20,120 Speaker 3: up to five thousand dollars a year to those accounts 138 00:07:20,160 --> 00:07:23,320 Speaker 3: in a tax advantaged way. And and that money can 139 00:07:23,360 --> 00:07:26,000 Speaker 3: come from friends, it can come from family, and it 140 00:07:26,000 --> 00:07:29,400 Speaker 3: can come from your parents or relatives, employers. And I 141 00:07:29,400 --> 00:07:31,239 Speaker 3: think that's a really big we're going to talk about 142 00:07:31,240 --> 00:07:33,760 Speaker 3: how that's a big accelerator. 143 00:07:34,640 --> 00:07:34,720 Speaker 5: Uh. 144 00:07:35,000 --> 00:07:39,160 Speaker 3: And you can accumulate in a tax advantage way. And 145 00:07:39,160 --> 00:07:44,480 Speaker 3: and there're two massive advantages for this. Number one, every 146 00:07:44,640 --> 00:07:50,080 Speaker 3: child in America begins to experience the benefits of compound growth. 147 00:07:50,400 --> 00:07:53,040 Speaker 3: And these accounts, by the way, they're not savings accounts. 148 00:07:53,560 --> 00:07:56,360 Speaker 3: These are investment accounts that are that that that are 149 00:07:57,440 --> 00:08:01,040 Speaker 3: invested in neither ETFs or mutual funds that are invested 150 00:08:01,040 --> 00:08:03,240 Speaker 3: in the S and P five hundred. So it makes 151 00:08:03,920 --> 00:08:07,520 Speaker 3: every newborn child an investor in the American stock market. 152 00:08:08,640 --> 00:08:11,920 Speaker 3: That enables them. And look, as you know, well as 153 00:08:11,960 --> 00:08:15,480 Speaker 3: our listeners know well, compound growth, the miracle of compound 154 00:08:15,560 --> 00:08:17,800 Speaker 3: growth is one of the great miracles of the world. 155 00:08:18,120 --> 00:08:20,520 Speaker 3: And if you get people investing for a long time, 156 00:08:20,600 --> 00:08:23,840 Speaker 3: starting at birth, you can get incredible numbers. So Ben, 157 00:08:23,960 --> 00:08:26,760 Speaker 3: let me ask you this. You have a newborn child 158 00:08:26,760 --> 00:08:29,400 Speaker 3: born this year, thousand dollars comes in to set it, 159 00:08:30,240 --> 00:08:33,160 Speaker 3: and through friends and family or an employer, five thousand 160 00:08:33,200 --> 00:08:36,040 Speaker 3: dollars a year gets invested for the first eighteen years 161 00:08:36,040 --> 00:08:40,040 Speaker 3: of their life. If you assume seven percent growth, which 162 00:08:40,040 --> 00:08:43,080 Speaker 3: has been the historical average for the stock market, what 163 00:08:43,120 --> 00:08:45,280 Speaker 3: do you think that eighteen year old has on his 164 00:08:45,360 --> 00:08:46,160 Speaker 3: eighteenth birthday. 165 00:08:46,720 --> 00:08:49,000 Speaker 5: I'm gonna go with hundreds of thousands, if not over 166 00:08:49,040 --> 00:08:49,800 Speaker 5: a million. 167 00:08:49,800 --> 00:08:52,000 Speaker 3: One hundred and seventy thousand dollars. One hundred and seventy 168 00:08:52,040 --> 00:08:54,839 Speaker 3: thousand dollars. And by the way, this is not for 169 00:08:55,080 --> 00:09:00,480 Speaker 3: a rich kid. This is every baby in America. If 170 00:09:00,520 --> 00:09:02,960 Speaker 3: you're contributing all along, what do you think they have? 171 00:09:03,080 --> 00:09:05,360 Speaker 3: If they continue doing that until age thirty five? 172 00:09:06,280 --> 00:09:07,319 Speaker 5: What is it? 173 00:09:07,480 --> 00:09:09,080 Speaker 4: Seven hundred thousand dollars? 174 00:09:09,240 --> 00:09:09,840 Speaker 5: There you go. 175 00:09:10,280 --> 00:09:14,080 Speaker 3: Now, that is transformational. But I'll tell you that's not 176 00:09:14,200 --> 00:09:16,240 Speaker 3: what Brad said that sold me on this. So Brad, 177 00:09:16,280 --> 00:09:17,800 Speaker 3: when he talked to me about this, I said, all right, 178 00:09:17,840 --> 00:09:20,800 Speaker 3: tell me your idea, and he pitched it. Here was 179 00:09:20,840 --> 00:09:22,480 Speaker 3: the argument he made. I'm going to let him make 180 00:09:22,480 --> 00:09:25,040 Speaker 3: it in about thirty seconds. But the argument he made 181 00:09:25,160 --> 00:09:29,480 Speaker 3: is he said, look, young people, roughly half of them 182 00:09:29,600 --> 00:09:31,800 Speaker 3: say they believe in socialism. 183 00:09:31,840 --> 00:09:33,599 Speaker 4: They don't believe in capitalism. 184 00:09:34,080 --> 00:09:37,240 Speaker 3: The real power of this is you're making every child 185 00:09:37,240 --> 00:09:41,040 Speaker 3: in America a capitalist. You're giving them a stake in 186 00:09:41,120 --> 00:09:44,360 Speaker 3: the American free enterprise system. You're giving him ownership. So 187 00:09:44,400 --> 00:09:46,360 Speaker 3: you could have a ten twelve year old kid pull 188 00:09:46,360 --> 00:09:49,160 Speaker 3: out an app on his or her phone and say, 189 00:09:49,160 --> 00:09:54,319 Speaker 3: wait a second, I own one hundred dollars worth of Applestock. 190 00:09:54,400 --> 00:09:57,319 Speaker 3: I own fifty bucks worth of Boeing. I own seventy 191 00:09:57,360 --> 00:10:00,680 Speaker 3: five bucks worth of worth of McDonald's and and and 192 00:10:00,679 --> 00:10:02,680 Speaker 3: and when they go in and buy a big Mac, 193 00:10:02,720 --> 00:10:05,000 Speaker 3: they're like, wait a second. I'm not just a customer. 194 00:10:05,880 --> 00:10:08,680 Speaker 3: I'm a stockholder. I'm an owner of this company. And 195 00:10:08,720 --> 00:10:13,000 Speaker 3: I think that is profoundly powerful. And Brad, I want 196 00:10:13,000 --> 00:10:17,319 Speaker 3: to give you credit because you have been a relentless evangelist. 197 00:10:17,400 --> 00:10:20,280 Speaker 3: You have devoted thousands, if not tens of thousands of 198 00:10:20,320 --> 00:10:24,120 Speaker 3: hours to this and and and this vision. I believe 199 00:10:24,160 --> 00:10:26,120 Speaker 3: in it. But but, but I would not have been 200 00:10:26,160 --> 00:10:28,439 Speaker 3: sold on this idea had had you not put in 201 00:10:28,920 --> 00:10:31,880 Speaker 3: so much shoe leather and built such a strong business 202 00:10:31,880 --> 00:10:32,880 Speaker 3: coalition behind it. 203 00:10:33,200 --> 00:10:37,200 Speaker 2: Well that you described it incredibly well. And the reason 204 00:10:37,240 --> 00:10:41,080 Speaker 2: I think we have such incredible support, incredible support in 205 00:10:41,120 --> 00:10:44,080 Speaker 2: the business community. These are the world's uh, you know, 206 00:10:44,240 --> 00:10:48,080 Speaker 2: greatest CEOs. You know, Jensen Hwang had at Video, Renee 207 00:10:48,080 --> 00:10:51,600 Speaker 2: has at Arm and Michael Dells and and and Soffra 208 00:10:51,720 --> 00:10:55,680 Speaker 2: cats At, uh you know at Oracle, and Fittman at 209 00:10:55,760 --> 00:10:59,120 Speaker 2: iHeartMedia and and Lisa Sue at A and b uh 210 00:10:59,200 --> 00:11:04,960 Speaker 2: you know, Ryan mcinern Afvisa or Mel McDermott, you know 211 00:11:05,120 --> 00:11:08,000 Speaker 2: Service Now, Dara Kasha Shai an Uber and the list 212 00:11:08,040 --> 00:11:11,600 Speaker 2: goes on. And notice, you know, on the CEOs, it's 213 00:11:11,640 --> 00:11:15,000 Speaker 2: not a partisan issue, and we have incredible bipartisan support 214 00:11:15,240 --> 00:11:19,280 Speaker 2: as well on Capitol Hill because every parent wants a 215 00:11:19,280 --> 00:11:22,320 Speaker 2: better life for their kid. Right. I grew up in 216 00:11:22,400 --> 00:11:26,080 Speaker 2: rural Indiana. My dad was a first time entrepreneur and 217 00:11:26,120 --> 00:11:29,040 Speaker 2: in nineteen seventy eight in the rust belt, starting an 218 00:11:29,080 --> 00:11:34,960 Speaker 2: autoparts manufacturing business with doubleged digit inflation, double digit interest rates. 219 00:11:35,000 --> 00:11:38,959 Speaker 2: We lost the house, we lost everything. So I understand 220 00:11:39,080 --> 00:11:42,240 Speaker 2: profoundly what it feels like to finally be in the game, 221 00:11:42,559 --> 00:11:46,040 Speaker 2: to finally own something. But for every parent who wants 222 00:11:46,040 --> 00:11:48,920 Speaker 2: a better life for their kid, whether they're in rural Texas, 223 00:11:49,080 --> 00:11:52,520 Speaker 2: whether they're in inner city Trenton, whether they're in you know, 224 00:11:52,640 --> 00:11:57,240 Speaker 2: rural Indiana. I'm talking every town, every main street in America. 225 00:11:57,920 --> 00:12:00,200 Speaker 2: Those kids will have a shot. They have skin in 226 00:12:00,240 --> 00:12:03,040 Speaker 2: the game. The most powerful economy in the world is 227 00:12:03,080 --> 00:12:06,720 Speaker 2: the American economy. For seventy five years, the S and 228 00:12:06,760 --> 00:12:10,120 Speaker 2: P five hundred has compounded at ten point two percent. 229 00:12:10,880 --> 00:12:13,760 Speaker 2: And what has Warren Buffett told us, start with a 230 00:12:13,800 --> 00:12:17,280 Speaker 2: really small snowball, but a really long hill. And the 231 00:12:17,400 --> 00:12:20,760 Speaker 2: longest hill you can possibly imagine is starting at birth. 232 00:12:21,080 --> 00:12:25,040 Speaker 2: Almost every American today misses the first twenty five years 233 00:12:25,080 --> 00:12:28,640 Speaker 2: of compounding. That's nearly one third of your life. By 234 00:12:28,720 --> 00:12:31,959 Speaker 2: starting these kids off early, we give every kid a shot. 235 00:12:32,000 --> 00:12:36,319 Speaker 2: We unlock all of that human potential and the financial literacy, 236 00:12:36,800 --> 00:12:39,880 Speaker 2: the hope and optimism, and their opportunity to participate in 237 00:12:39,920 --> 00:12:43,360 Speaker 2: the system is going to skyrocket. It's sad that less 238 00:12:43,360 --> 00:12:46,120 Speaker 2: than half of kid's under the age of forty or 239 00:12:46,559 --> 00:12:49,319 Speaker 2: folks under the age of forty have a positive view 240 00:12:49,360 --> 00:12:53,480 Speaker 2: of capitalism, but they're left out. They're not capitalists, they're 241 00:12:53,520 --> 00:12:56,440 Speaker 2: not owners, so it's easier for them to feel like 242 00:12:56,520 --> 00:12:59,360 Speaker 2: the system is rigged against them. This is going to 243 00:12:59,440 --> 00:13:04,360 Speaker 2: change that by aligning everybody with our capitalist, free enterprise principles. 244 00:13:04,760 --> 00:13:07,440 Speaker 3: So let me ask a quick question. Brad, you mentioned 245 00:13:07,520 --> 00:13:11,200 Speaker 3: your your dad. You guys lost your home when you 246 00:13:11,200 --> 00:13:13,000 Speaker 3: were a kid, so I did too. 247 00:13:13,240 --> 00:13:14,480 Speaker 4: How old were you when that happened. 248 00:13:14,800 --> 00:13:16,520 Speaker 2: I was in sixth grade. 249 00:13:16,760 --> 00:13:18,800 Speaker 3: So I was in high school and my parents were 250 00:13:18,840 --> 00:13:21,920 Speaker 3: small business owners in Houston. And in the eighties, oil 251 00:13:22,000 --> 00:13:25,640 Speaker 3: collapsed and my parents went bankrupt and we lost our business, 252 00:13:25,720 --> 00:13:27,959 Speaker 3: we lost our home. I didn't realize you and I've 253 00:13:27,960 --> 00:13:30,360 Speaker 3: been friends a long time, but we haven't talked about 254 00:13:30,360 --> 00:13:33,080 Speaker 3: this that we both went through the experience. It's a 255 00:13:33,080 --> 00:13:36,560 Speaker 3: traumatic experience when when you lose your home through through 256 00:13:36,640 --> 00:13:40,000 Speaker 3: financial stress, and it makes an impact on a kid, 257 00:13:40,040 --> 00:13:42,319 Speaker 3: whether sixth grade or for me it was eleventh grade, but. 258 00:13:44,600 --> 00:13:45,440 Speaker 4: You never forget it. 259 00:13:45,880 --> 00:13:49,320 Speaker 2: Well, you know, I say, in life, you're either running 260 00:13:49,360 --> 00:13:52,440 Speaker 2: away from something or running towards something. And to me, 261 00:13:52,559 --> 00:13:55,520 Speaker 2: it planet a seed, and that seed was that I 262 00:13:55,559 --> 00:13:59,360 Speaker 2: didn't want my family to feel the pain that I 263 00:13:59,520 --> 00:14:01,680 Speaker 2: was feeling at that point in my life. And you know, 264 00:14:01,800 --> 00:14:04,360 Speaker 2: as a kid, my life I thought was pretty good, 265 00:14:04,400 --> 00:14:06,880 Speaker 2: but I felt bad for my dad. I felt bad 266 00:14:06,920 --> 00:14:10,120 Speaker 2: for my mom because I saw them struggling, and so 267 00:14:10,320 --> 00:14:13,720 Speaker 2: I know, you know later in life talking to mom, 268 00:14:13,800 --> 00:14:17,360 Speaker 2: she's now turning eighty nine next to her turning ninety 269 00:14:17,960 --> 00:14:21,560 Speaker 2: here next week. Amazing, beautiful woman. But you know, she 270 00:14:21,760 --> 00:14:24,840 Speaker 2: felt the guilt of not being able to provide, not 271 00:14:25,120 --> 00:14:28,320 Speaker 2: knowing whether her child was going to have a better tomorrow. 272 00:14:28,680 --> 00:14:31,160 Speaker 2: And you know she is such a supporter of this 273 00:14:31,280 --> 00:14:34,040 Speaker 2: idea because she said it would have taken so much 274 00:14:34,120 --> 00:14:37,960 Speaker 2: pressure off her just knowing that her kids were going 275 00:14:38,000 --> 00:14:41,560 Speaker 2: to have a shot. And so I think everybody deserves 276 00:14:41,800 --> 00:14:43,600 Speaker 2: you know, you and I have talked about this. See 277 00:14:43,640 --> 00:14:46,400 Speaker 2: this with a thousand bucks in the sm D five 278 00:14:46,480 --> 00:14:48,680 Speaker 2: hundred and then get out of the way and let 279 00:14:48,720 --> 00:14:51,760 Speaker 2: the magic of the private sector do its thing. We're 280 00:14:51,800 --> 00:14:55,720 Speaker 2: going to have a thousand to one contribution my parents, 281 00:14:56,040 --> 00:14:59,160 Speaker 2: you know, and we've done the study that it's not 282 00:14:59,280 --> 00:15:03,000 Speaker 2: just rich payer to who say for their kids. Here's 283 00:15:03,040 --> 00:15:06,920 Speaker 2: a little known fact. You know, the reason borer folks 284 00:15:07,000 --> 00:15:09,480 Speaker 2: don't save as much is because of course they don't 285 00:15:09,520 --> 00:15:13,960 Speaker 2: have savings accounts. This is going to disproportionately benefit the 286 00:15:14,000 --> 00:15:17,840 Speaker 2: people who are least likely to participate in the market 287 00:15:17,960 --> 00:15:21,640 Speaker 2: and who is that right. Those are the people who 288 00:15:21,640 --> 00:15:24,880 Speaker 2: are the lowest, bottom fifty percent of the economy today. 289 00:15:25,160 --> 00:15:27,880 Speaker 2: Because it's hard to open up a custodio account for 290 00:15:28,000 --> 00:15:32,000 Speaker 2: your child, almost nobody does it. But if you start 291 00:15:32,040 --> 00:15:34,440 Speaker 2: them off with an account and you make it really 292 00:15:34,520 --> 00:15:37,880 Speaker 2: easy for these parents to vendmull in twenty bucks a 293 00:15:37,880 --> 00:15:40,760 Speaker 2: week or thirty bucks a week, right to give up 294 00:15:40,800 --> 00:15:43,600 Speaker 2: their Starbucks in order that their kid might be able 295 00:15:43,640 --> 00:15:46,120 Speaker 2: to save a little bit more money. What we've learned 296 00:15:46,240 --> 00:15:49,960 Speaker 2: is that cohorts of horror families say that about the 297 00:15:50,080 --> 00:15:53,360 Speaker 2: rate that the cohorts from wealthier families if they have 298 00:15:53,520 --> 00:15:56,000 Speaker 2: an account. We're going to make it super easy for 299 00:15:56,080 --> 00:15:57,440 Speaker 2: those parents to contribute. 300 00:15:57,760 --> 00:15:59,200 Speaker 1: I want to take a moment and talk to you 301 00:15:59,240 --> 00:16:02,600 Speaker 1: real quick about Israel. It's now the month of May, 302 00:16:02,920 --> 00:16:06,240 Speaker 1: and eighty years ago this very month, the horror of 303 00:16:06,320 --> 00:16:10,920 Speaker 1: the holocausts, the final solution came to an end. But 304 00:16:11,080 --> 00:16:15,040 Speaker 1: do you know that half of all Holocaust survivors live 305 00:16:15,200 --> 00:16:19,320 Speaker 1: in Israel. The pain of the past now intensifies today. 306 00:16:19,760 --> 00:16:23,760 Speaker 1: By October seventh and the rise of anti Semitism everywhere, 307 00:16:24,240 --> 00:16:28,920 Speaker 1: and along with other elderly Jews, thousands in Israel lived 308 00:16:28,960 --> 00:16:33,600 Speaker 1: below the poverty line, there's no safety net. That's why 309 00:16:33,800 --> 00:16:37,880 Speaker 1: I support the International Fellowship of Christians and Jews, and 310 00:16:37,920 --> 00:16:42,800 Speaker 1: the Fellowship provides a lifeline to these precious ones in 311 00:16:42,840 --> 00:16:46,720 Speaker 1: the form of basic things like hot meals and boxes 312 00:16:47,040 --> 00:16:51,520 Speaker 1: full of healthy food. And for only twenty five dollars 313 00:16:51,920 --> 00:16:55,840 Speaker 1: you can out provide a nutritious food box to a 314 00:16:56,120 --> 00:17:00,560 Speaker 1: Jewish person in need in Israel. Better yet, three hundred 315 00:17:00,560 --> 00:17:04,399 Speaker 1: and fifty dollars provides hot meals for an entire year. 316 00:17:05,160 --> 00:17:07,879 Speaker 1: So if you are ready to stand with the people 317 00:17:07,880 --> 00:17:12,240 Speaker 1: in Israel, give generously by calling eight eight eight for 318 00:17:12,640 --> 00:17:18,359 Speaker 1: eight eight if CJ that's eight eight eight four eight 319 00:17:18,359 --> 00:17:22,800 Speaker 1: eight four three two five, or go online to give 320 00:17:22,840 --> 00:17:28,800 Speaker 1: it if CJ dot org that's if CJ dot org. 321 00:17:29,320 --> 00:17:32,720 Speaker 1: My dad was a police officer I grew up. I 322 00:17:32,760 --> 00:17:36,720 Speaker 1: would say lower middle class would be a fair way 323 00:17:36,760 --> 00:17:38,600 Speaker 1: of putting it. But there was several times where we, 324 00:17:39,119 --> 00:17:43,400 Speaker 1: you know, things got really really tight and my dad 325 00:17:43,840 --> 00:17:45,760 Speaker 1: just put his head down and went to work as 326 00:17:45,760 --> 00:17:50,520 Speaker 1: a police officer. And I remember thinking if he only 327 00:17:51,280 --> 00:17:56,200 Speaker 1: was able to at a younger age start investing, especially 328 00:17:56,280 --> 00:17:58,720 Speaker 1: even thinking about college, we knew that we were on 329 00:17:58,760 --> 00:17:59,120 Speaker 1: our own. 330 00:17:59,240 --> 00:18:00,800 Speaker 5: I mean I knew that if I want to go. 331 00:18:00,800 --> 00:18:04,920 Speaker 1: To college, I better be either good education, at having 332 00:18:04,960 --> 00:18:07,880 Speaker 1: great grades, or at a sport. It was made very 333 00:18:07,920 --> 00:18:10,800 Speaker 1: clear to me. But I can't imagine how. 334 00:18:10,920 --> 00:18:13,080 Speaker 3: By the way, brad Ben went to Ole miss on 335 00:18:13,480 --> 00:18:16,640 Speaker 3: a tennis scholarship. So that's how he went to college. 336 00:18:16,920 --> 00:18:19,080 Speaker 5: No, and I knew that. I knew for that. 337 00:18:19,359 --> 00:18:21,760 Speaker 1: The pressure to get out was if I'm going to 338 00:18:21,800 --> 00:18:24,720 Speaker 1: go to college, I have to do these are my 339 00:18:24,760 --> 00:18:27,840 Speaker 1: only two options because there was no savings account, there 340 00:18:27,960 --> 00:18:31,280 Speaker 1: was no college fund, there was nothing. And and I 341 00:18:31,359 --> 00:18:34,760 Speaker 1: look now as a father with two three kids, and 342 00:18:34,560 --> 00:18:38,159 Speaker 1: I and I sit there, I know, right, one of 343 00:18:38,240 --> 00:18:40,480 Speaker 1: the twins, right, which everyone's my favorite. 344 00:18:40,200 --> 00:18:42,760 Speaker 3: Today, I'm gonna get you in trouble because whoever it is, 345 00:18:42,800 --> 00:18:44,800 Speaker 3: he's gonna listen and be like, dad, what about me? 346 00:18:45,400 --> 00:18:45,920 Speaker 5: Exactly? 347 00:18:46,520 --> 00:18:48,880 Speaker 1: And but I sit there and I look at my dad, 348 00:18:49,200 --> 00:18:51,479 Speaker 1: and I feel bad now because I'm like, I know, 349 00:18:51,600 --> 00:18:53,639 Speaker 1: he just put his head down and he made whatever 350 00:18:53,680 --> 00:18:55,360 Speaker 1: he could make being a police officer. 351 00:18:55,960 --> 00:18:57,760 Speaker 5: This could have been transformative. 352 00:18:57,840 --> 00:19:00,159 Speaker 1: I think for the pressure that you just mentioned, and 353 00:19:00,640 --> 00:19:03,880 Speaker 1: it seems overwhelming to set up an account, it seems 354 00:19:03,920 --> 00:19:07,679 Speaker 1: overwhelming to start it. And so many parents just assume 355 00:19:07,800 --> 00:19:09,000 Speaker 1: I don't have enough money to do it. 356 00:19:09,040 --> 00:19:10,080 Speaker 5: So I'm not even going to be. 357 00:19:10,080 --> 00:19:12,080 Speaker 1: Embarrassed and go in and try a seven account with 358 00:19:12,080 --> 00:19:15,119 Speaker 1: one hundred dollars or fifty dollars to start that nest egg. 359 00:19:15,600 --> 00:19:18,960 Speaker 1: This could be transforming and for a lot of parents 360 00:19:19,440 --> 00:19:21,919 Speaker 1: that are just wanting their kids to have a better life, 361 00:19:22,280 --> 00:19:24,240 Speaker 1: the number one thing that holds them back is that 362 00:19:24,440 --> 00:19:26,760 Speaker 1: worry or the embarrassment that they're not walking in with 363 00:19:26,880 --> 00:19:28,119 Speaker 1: enough might have start it. 364 00:19:28,520 --> 00:19:32,600 Speaker 2: One hundred percent that well said. They call it in 365 00:19:32,800 --> 00:19:37,679 Speaker 2: economics the cold start problem, right, the cold start problem 366 00:19:37,720 --> 00:19:41,040 Speaker 2: is I don't know how, or I'm embarrassed, or I 367 00:19:41,119 --> 00:19:43,720 Speaker 2: don't have the time. Remember, lots of parents are working 368 00:19:43,760 --> 00:19:46,280 Speaker 2: one or two jobs. You know they not only do 369 00:19:46,280 --> 00:19:49,400 Speaker 2: they not know how, It takes time right to set 370 00:19:49,440 --> 00:19:51,920 Speaker 2: these things up. They're complex, and then you run into 371 00:19:52,000 --> 00:19:54,520 Speaker 2: questions and then how do you fund it? And you 372 00:19:54,560 --> 00:19:56,480 Speaker 2: know you have to have that next next eag to 373 00:19:56,480 --> 00:19:59,960 Speaker 2: get started, so it will unlock that power. But let's 374 00:20:00,160 --> 00:20:02,280 Speaker 2: let me talk about two other areas. We're going to 375 00:20:02,320 --> 00:20:06,760 Speaker 2: get incredible private sector participation. So we now have companies 376 00:20:06,840 --> 00:20:11,440 Speaker 2: representing ten millions of employees, and I mentioned a lot 377 00:20:11,480 --> 00:20:15,800 Speaker 2: of them, you know, but literally from Uber to Goldman Sachs, 378 00:20:15,840 --> 00:20:19,639 Speaker 2: from T Mobile to iHeartMedia, from a m D to 379 00:20:19,720 --> 00:20:23,080 Speaker 2: the Southern companies, you know, an energy company. And we're 380 00:20:23,119 --> 00:20:27,119 Speaker 2: just getting started, right, Wait until the President and folks 381 00:20:27,200 --> 00:20:29,680 Speaker 2: on Capitol Hill and all these CEOs, wait until we 382 00:20:29,720 --> 00:20:32,000 Speaker 2: have this seat, this set up, and we're going to 383 00:20:32,040 --> 00:20:36,000 Speaker 2: ask every company in America to participate in this, and 384 00:20:36,080 --> 00:20:39,440 Speaker 2: it's going to become a feature of their corporate benefit 385 00:20:39,560 --> 00:20:42,840 Speaker 2: program and they're going to match and what we've asked 386 00:20:42,840 --> 00:20:45,800 Speaker 2: them to do by joining the CEO Council, they've committed 387 00:20:45,840 --> 00:20:49,160 Speaker 2: to two things. Number one, that they that they agree 388 00:20:49,200 --> 00:20:51,040 Speaker 2: to do what they can to help get this passed. 389 00:20:51,080 --> 00:20:53,600 Speaker 2: They think it's a great idea. But number two, they've 390 00:20:53,640 --> 00:20:56,720 Speaker 2: all made a commitment to contribute to the accounts, the 391 00:20:56,760 --> 00:21:01,200 Speaker 2: accounts of the kids of their employees level of participation 392 00:21:01,320 --> 00:21:04,160 Speaker 2: that makes sense for their company. And so I just had, 393 00:21:04,280 --> 00:21:06,600 Speaker 2: you know, over here we're talking about some people heard 394 00:21:06,600 --> 00:21:09,800 Speaker 2: me talking about it yesterday. Another couple of companies, you 395 00:21:09,840 --> 00:21:12,000 Speaker 2: know set up. I was, you know, I was on 396 00:21:12,160 --> 00:21:14,720 Speaker 2: Charlie Kirk last night and Charlie said, we're going to 397 00:21:14,840 --> 00:21:17,840 Speaker 2: do this for our employees, and so you know, I 398 00:21:17,880 --> 00:21:20,399 Speaker 2: think that once people know about this, we're going to 399 00:21:20,440 --> 00:21:24,200 Speaker 2: have broad based participation. And when they start adding one 400 00:21:24,200 --> 00:21:27,320 Speaker 2: thousand dollars at birth or two thousand dollars in that 401 00:21:27,480 --> 00:21:30,919 Speaker 2: in those first few years, you're going to double and 402 00:21:31,040 --> 00:21:34,679 Speaker 2: triple those amounts that Ted was talking about through the 403 00:21:34,720 --> 00:21:38,720 Speaker 2: power of compounding. So whatever number you get to starting 404 00:21:38,760 --> 00:21:42,119 Speaker 2: at age zero, by agat, if you start with twice 405 00:21:42,160 --> 00:21:44,640 Speaker 2: the amount or three times the amount of just skyrockets. 406 00:21:44,640 --> 00:21:48,119 Speaker 2: But so that's corporates. But we're also going to have 407 00:21:48,160 --> 00:21:51,800 Speaker 2: some other big announcements. We have philanthropists in this country. 408 00:21:52,040 --> 00:21:54,840 Speaker 2: These are folks who you know, may have millions of dollars, 409 00:21:54,960 --> 00:21:57,360 Speaker 2: may have billions of dollars, may have hundreds of billions 410 00:21:57,359 --> 00:22:01,480 Speaker 2: of dollars, who've committed to add dollars to the accounts 411 00:22:01,480 --> 00:22:03,119 Speaker 2: of these kids. So we're going to make it really 412 00:22:03,160 --> 00:22:08,280 Speaker 2: easy for philanthropy. Remember, we have twenty trillion dollars of 413 00:22:08,400 --> 00:22:11,400 Speaker 2: wealth transfer that's going to occur in this country over 414 00:22:11,440 --> 00:22:15,560 Speaker 2: the next fifteen years, you know, as baby as the 415 00:22:15,560 --> 00:22:19,199 Speaker 2: baby boomers retire, move on, et cetera. And many of 416 00:22:19,200 --> 00:22:21,440 Speaker 2: these people want to give away this money during their 417 00:22:21,440 --> 00:22:25,120 Speaker 2: lifetime but if you're Mike Bdell and you have over 418 00:22:25,320 --> 00:22:28,560 Speaker 2: one hundred billion dollars, you simply can't give it away 419 00:22:28,600 --> 00:22:33,160 Speaker 2: through charity fast enough. This gives you a financial infrastructure 420 00:22:33,640 --> 00:22:36,480 Speaker 2: right in order to match. So Michael might say, I'm 421 00:22:36,480 --> 00:22:38,720 Speaker 2: going to contribute to this five O one C three 422 00:22:39,000 --> 00:22:41,200 Speaker 2: and match for every kid in the state of Texas, 423 00:22:41,400 --> 00:22:44,520 Speaker 2: or maybe every kid in the country, or maybe just 424 00:22:44,600 --> 00:22:47,480 Speaker 2: every kid in the state of Texas whose family earns 425 00:22:47,560 --> 00:22:49,960 Speaker 2: under one hundred and fifty thousand dollars. He's going to 426 00:22:50,000 --> 00:22:52,199 Speaker 2: give five thousand dollars to each of those kids. So 427 00:22:52,240 --> 00:22:56,879 Speaker 2: we're going to unlock the power of philanthropy for invest America. 428 00:22:56,920 --> 00:22:59,960 Speaker 2: And then finally I'll drop this out there. I think 429 00:23:00,040 --> 00:23:03,919 Speaker 2: you're going to see incredible experimentation at the state and 430 00:23:04,080 --> 00:23:09,479 Speaker 2: local and church level. Right this is going to uh we. 431 00:23:09,560 --> 00:23:12,199 Speaker 2: I've had states reach out to me, Folks running for 432 00:23:12,280 --> 00:23:13,800 Speaker 2: governor reach out to me, and you're going to be 433 00:23:13,880 --> 00:23:17,280 Speaker 2: hearing some announcements where they say, in order to attract 434 00:23:17,359 --> 00:23:20,920 Speaker 2: people to our state, we're going to launch them at birth. 435 00:23:21,040 --> 00:23:25,399 Speaker 2: We'll take some of our our revenue from you know, 436 00:23:25,520 --> 00:23:28,280 Speaker 2: from alcohol and cigarettes, We'll take some of the you 437 00:23:28,320 --> 00:23:31,639 Speaker 2: know that revenue, and we'll put it into account for 438 00:23:31,680 --> 00:23:35,359 Speaker 2: a kid who's born in this state, and better yet, 439 00:23:35,960 --> 00:23:39,120 Speaker 2: we may make you know, in a bonus account if 440 00:23:39,119 --> 00:23:41,679 Speaker 2: they graduate from high school in the state, because not 441 00:23:41,720 --> 00:23:43,760 Speaker 2: only do we want to attract people, we want to 442 00:23:43,840 --> 00:23:46,439 Speaker 2: keep them here. And so listen, there's going to be 443 00:23:46,880 --> 00:23:51,200 Speaker 2: a million entrepreneurial flowers that bloom on top of this, 444 00:23:51,720 --> 00:23:54,960 Speaker 2: and all of it gets back to this fundamental We 445 00:23:55,080 --> 00:23:58,919 Speaker 2: have too few people who participate in the upside of America. 446 00:23:59,359 --> 00:24:02,320 Speaker 2: Lets you, seventy percent of people have no skin in 447 00:24:02,400 --> 00:24:05,960 Speaker 2: the game. They'll never have an account their entire lifetime. 448 00:24:06,200 --> 00:24:08,720 Speaker 2: That compounds. We're going to change all that, and the 449 00:24:08,800 --> 00:24:12,920 Speaker 2: senators leadership has been absolutely crucial in order to make 450 00:24:12,960 --> 00:24:13,439 Speaker 2: it happen. 451 00:24:14,520 --> 00:24:16,760 Speaker 5: I think this is something that we've been missing. You know. 452 00:24:17,200 --> 00:24:19,840 Speaker 1: You remember when I was working with the Bush administration, 453 00:24:19,920 --> 00:24:22,639 Speaker 1: it was on Social Security Form because it was just 454 00:24:22,800 --> 00:24:26,719 Speaker 1: a Ponzi scheme in essence, where I was like, what 455 00:24:26,760 --> 00:24:29,480 Speaker 1: are we doing? How are we not giving people more 456 00:24:29,920 --> 00:24:32,639 Speaker 1: with investing? And this is one of those things that 457 00:24:33,080 --> 00:24:36,399 Speaker 1: for me, is about financial freedom and it allows people 458 00:24:36,440 --> 00:24:38,879 Speaker 1: a chance to succeed in the greatest country in the 459 00:24:38,880 --> 00:24:41,080 Speaker 1: world and do it in a way that is just 460 00:24:41,280 --> 00:24:45,280 Speaker 1: so smart, and I can't imagine what this is going 461 00:24:45,320 --> 00:24:50,640 Speaker 1: to do for single moms, for people that are working 462 00:24:50,760 --> 00:24:54,040 Speaker 1: nine to five jobs, two jobs, working hourly jobs. They say, 463 00:24:54,440 --> 00:24:57,320 Speaker 1: now I feel like even I can give my kids 464 00:24:57,400 --> 00:25:00,280 Speaker 1: a better life, because that's ultimately I think, whatever repair 465 00:25:00,320 --> 00:25:02,480 Speaker 1: it once they want to give their chance, their kid 466 00:25:02,520 --> 00:25:05,960 Speaker 1: a chance to a better life than they live. And 467 00:25:06,000 --> 00:25:08,920 Speaker 1: this is an example of starting literally at day one 468 00:25:08,960 --> 00:25:11,160 Speaker 1: of their birth saying we've got you and ne dag, 469 00:25:11,240 --> 00:25:12,680 Speaker 1: Now let's go and build on it. 470 00:25:13,000 --> 00:25:15,199 Speaker 3: So Ben, one of the things Brad was describing that 471 00:25:15,240 --> 00:25:19,040 Speaker 3: has me really excited is the accelerator that is built 472 00:25:19,080 --> 00:25:23,479 Speaker 3: into it. So seeding every account with one thousand dollars 473 00:25:23,520 --> 00:25:25,560 Speaker 3: is valuable. By the way, there are three point seven 474 00:25:25,560 --> 00:25:30,120 Speaker 3: million babies born every year, and so one thousand dollars 475 00:25:30,119 --> 00:25:33,000 Speaker 3: for three point seven million babies a three point seven 476 00:25:33,040 --> 00:25:36,040 Speaker 3: billion dollars a year. That means this will cost thirty 477 00:25:36,080 --> 00:25:39,840 Speaker 3: seven billion dollars over ten years. This is a four 478 00:25:39,840 --> 00:25:42,280 Speaker 3: to five trillion dollar tax cut, So thirty seven billion 479 00:25:42,280 --> 00:25:45,560 Speaker 3: dollars is a relatively small piece, but you want to 480 00:25:45,600 --> 00:25:48,600 Speaker 3: talk about how it transforms America. That seed money is 481 00:25:48,640 --> 00:25:53,360 Speaker 3: important even more important is simply creating the account. As 482 00:25:53,400 --> 00:25:57,960 Speaker 3: Brad noticed, you know, two thirds of Americans will not 483 00:25:58,200 --> 00:26:01,280 Speaker 3: have an investment account, will not be invested in the market. 484 00:26:01,560 --> 00:26:05,760 Speaker 3: And we're creating a world where every child, every single child, 485 00:26:06,240 --> 00:26:10,840 Speaker 3: from gazillionaire kids to a homeless kid on the street, 486 00:26:11,200 --> 00:26:15,679 Speaker 3: suddenly has an account invested the market. That is transformative. 487 00:26:15,680 --> 00:26:18,520 Speaker 3: But then the accelerator. So what Brad has worked for 488 00:26:18,600 --> 00:26:22,840 Speaker 3: several years is he's brought together world class CEO some 489 00:26:22,880 --> 00:26:25,320 Speaker 3: of the most prominent CEOs in the country. He mentioned 490 00:26:25,320 --> 00:26:29,320 Speaker 3: Michael Dell. That was not theoretical. Michael is Michael is 491 00:26:29,320 --> 00:26:31,800 Speaker 3: a good friend of mine. He's a Texan, incredible entrepreneur 492 00:26:31,880 --> 00:26:36,040 Speaker 3: worth over one hundred million dollars. Michael is the chairman 493 00:26:36,200 --> 00:26:38,800 Speaker 3: of the CEO Council for Invest America. So Michael is 494 00:26:38,880 --> 00:26:43,800 Speaker 3: leaning in heart. He's committed Dell Computers. When this passes, 495 00:26:44,040 --> 00:26:48,520 Speaker 3: Dell will help fund the accounts for the kids of 496 00:26:48,560 --> 00:26:52,560 Speaker 3: their employees. That's powerful. But as Brad said, also, Michael 497 00:26:52,640 --> 00:26:56,520 Speaker 3: is quite interested on the philanthropic side in supporting not 498 00:26:56,800 --> 00:26:59,320 Speaker 3: just the accounts for the children of his employees, but 499 00:26:59,359 --> 00:27:02,360 Speaker 3: more broadly having a bigger impact. I think we will 500 00:27:02,359 --> 00:27:06,320 Speaker 3: see think for a second, Ben about four to one CA's. 501 00:27:06,400 --> 00:27:08,639 Speaker 3: Remember when we were kids, four o one k's didn't exist. 502 00:27:09,880 --> 00:27:13,120 Speaker 3: Now just about every every job at. 503 00:27:13,080 --> 00:27:16,240 Speaker 4: A big company, it's part of the plan. It's part 504 00:27:16,240 --> 00:27:16,480 Speaker 4: of the. 505 00:27:16,440 --> 00:27:19,800 Speaker 3: Plan, and the employer matches for a one K contributions 506 00:27:20,200 --> 00:27:25,320 Speaker 3: makes their own contributions. It's a really attractive employee benefit. 507 00:27:25,359 --> 00:27:28,480 Speaker 3: And what I like about this is the accelerator component 508 00:27:28,920 --> 00:27:32,600 Speaker 3: that I think you will end up having real wealth 509 00:27:32,720 --> 00:27:36,960 Speaker 3: creation that changes. Look an eighteen year old kid who's 510 00:27:37,000 --> 00:27:39,800 Speaker 3: got a single mom, who's not coming from money, who's 511 00:27:39,840 --> 00:27:43,520 Speaker 3: living in a rough environments, suddenly got a couple one 512 00:27:43,600 --> 00:27:48,080 Speaker 3: hundred thousand dollars invested in the stock market. That changes 513 00:27:48,200 --> 00:27:52,200 Speaker 3: their whole life. This is this is life changing. 514 00:27:52,320 --> 00:27:55,560 Speaker 1: And well this also seems I go back to the 515 00:27:55,560 --> 00:27:58,960 Speaker 1: trickle down effect. And you know it's like, for one case, 516 00:27:59,080 --> 00:28:01,760 Speaker 1: you remember when it was your grandparents and your parents 517 00:28:01,800 --> 00:28:03,600 Speaker 1: when you go to get your first job, your first 518 00:28:03,640 --> 00:28:05,680 Speaker 1: row job, and do they have a four to one k. 519 00:28:06,160 --> 00:28:08,960 Speaker 1: It's not the twenty one to twenty three year old 520 00:28:08,960 --> 00:28:12,320 Speaker 1: that's asking that question, it's the parents and grandparents. I 521 00:28:12,359 --> 00:28:14,680 Speaker 1: remember when I got my first other. Do they match? 522 00:28:14,720 --> 00:28:16,120 Speaker 1: Where do they match? They have a four to one 523 00:28:16,200 --> 00:28:20,840 Speaker 1: k imagine if you get that started in the mindset 524 00:28:20,880 --> 00:28:24,800 Speaker 1: at age literally zero, that can transform an entire nation. 525 00:28:25,680 --> 00:28:27,639 Speaker 3: So, Brad, let me ask you something. How did you 526 00:28:27,720 --> 00:28:30,680 Speaker 3: get involved in this to begin with? Because you were 527 00:28:30,680 --> 00:28:33,879 Speaker 3: passionate and working on this. I got involved with you 528 00:28:33,880 --> 00:28:36,000 Speaker 3: about a year ago, but you were passionate involved in 529 00:28:36,000 --> 00:28:38,680 Speaker 3: this long before that. What was the kernel of the 530 00:28:38,720 --> 00:28:39,680 Speaker 3: idea that started this? 531 00:28:40,360 --> 00:28:44,320 Speaker 2: Well, you know, you'll appreciate the senator as a dad yourself, 532 00:28:45,280 --> 00:28:47,680 Speaker 2: but you know I have two boys, Lincoln and Jack, 533 00:28:49,000 --> 00:28:52,920 Speaker 2: and they're sixteen and fourteen. And one of the things 534 00:28:52,960 --> 00:28:54,680 Speaker 2: we talk about a lot when we sit around the 535 00:28:54,680 --> 00:29:00,760 Speaker 2: dinner table is when we see problems, don't complain about them, right, 536 00:29:00,880 --> 00:29:04,240 Speaker 2: have a bias to action, have a bias to action, 537 00:29:04,440 --> 00:29:07,160 Speaker 2: Do something about it, don't just sit around and complain. 538 00:29:07,240 --> 00:29:11,320 Speaker 2: And so, coming out of COVID, I was showing them 539 00:29:12,440 --> 00:29:15,760 Speaker 2: the investment accounts I set up when they were born, 540 00:29:16,480 --> 00:29:19,280 Speaker 2: and we're talking about the power of compounding, and we 541 00:29:19,320 --> 00:29:22,720 Speaker 2: were showing they were talking about the stocks that they owned, 542 00:29:22,760 --> 00:29:25,040 Speaker 2: and I could see their excitement and they said, Dad, 543 00:29:25,280 --> 00:29:27,240 Speaker 2: when are we going to be able to, you know, 544 00:29:27,800 --> 00:29:30,800 Speaker 2: have some control over what we're investing in we want 545 00:29:30,800 --> 00:29:33,400 Speaker 2: to learn more. Will you set up a robin Hood 546 00:29:33,400 --> 00:29:36,720 Speaker 2: account for course, et cetera. And then we started talking 547 00:29:36,720 --> 00:29:39,880 Speaker 2: about the wealth gap and we started, you know, my 548 00:29:40,280 --> 00:29:42,840 Speaker 2: son Lincoln brought me something, you know that was the 549 00:29:42,920 --> 00:29:46,320 Speaker 2: headline and it said ninety three percent of stocks are 550 00:29:46,360 --> 00:29:49,840 Speaker 2: owned by the wealthiest ten percent of Americans. And he said, Dad, 551 00:29:49,880 --> 00:29:53,200 Speaker 2: I feel I feel like, you know, I'm I'm glad 552 00:29:53,280 --> 00:29:55,160 Speaker 2: you set this up for me when I was a kid, 553 00:29:55,480 --> 00:29:58,280 Speaker 2: but I kind of feel guilty, like, what, why can't 554 00:29:58,360 --> 00:30:03,080 Speaker 2: everybody you know have this uh, you know, same benefit. 555 00:30:03,720 --> 00:30:06,080 Speaker 2: And I said, you know, we got to fix this. 556 00:30:06,160 --> 00:30:08,360 Speaker 2: And so he said to me, what are you going 557 00:30:08,400 --> 00:30:10,360 Speaker 2: to do about it? And I turned to him and 558 00:30:10,400 --> 00:30:12,520 Speaker 2: I said, no, what are we going to do about it? 559 00:30:12,880 --> 00:30:15,040 Speaker 2: And we made a commitment as a family that we're 560 00:30:15,080 --> 00:30:17,680 Speaker 2: going to do something about this. Yep. And you know, 561 00:30:17,760 --> 00:30:20,800 Speaker 2: it's been been one of the best parts of the journey. 562 00:30:20,840 --> 00:30:23,320 Speaker 2: We set up a five oh one c three uh 563 00:30:23,520 --> 00:30:27,240 Speaker 2: called in West America, and we literally, you know, just 564 00:30:28,000 --> 00:30:33,280 Speaker 2: started you know, making the calls and it was lining 565 00:30:33,360 --> 00:30:36,920 Speaker 2: up light minded thinkers in the private sector and lining 566 00:30:36,960 --> 00:30:41,280 Speaker 2: up light light minded folks in Washington, and you and 567 00:30:41,320 --> 00:30:43,760 Speaker 2: I have talked about this. You know, I had the 568 00:30:43,760 --> 00:30:46,880 Speaker 2: good fortune when I was returning from studying overseas in 569 00:30:46,920 --> 00:30:50,200 Speaker 2: nineteen nineteen ninety one uh to show up in Washington 570 00:30:50,240 --> 00:30:54,400 Speaker 2: and go work for the late and great senator from Indiana, 571 00:30:54,520 --> 00:30:58,920 Speaker 2: Richard Lueger. Luber was a Rhodes scholar. He was a 572 00:30:59,000 --> 00:31:03,000 Speaker 2: mayor of Indianapol. List became a long serving senator, credible 573 00:31:03,040 --> 00:31:06,080 Speaker 2: senator and at the time he was working on denuclearizing 574 00:31:06,360 --> 00:31:10,120 Speaker 2: the nuclear stockpiles coming out of the Cold War with 575 00:31:10,240 --> 00:31:14,600 Speaker 2: Sam Nunn. And let's just say later in life, I 576 00:31:14,680 --> 00:31:17,280 Speaker 2: went on to have some success. And when I saw 577 00:31:17,600 --> 00:31:20,160 Speaker 2: the Senator and in those later years, he said to me, 578 00:31:20,440 --> 00:31:23,360 Speaker 2: you know, don't waste it. You know, remember those days, 579 00:31:23,400 --> 00:31:26,760 Speaker 2: remember those runs around the wall in the mall in Washington, 580 00:31:27,080 --> 00:31:29,360 Speaker 2: and make sure you do something that matters. And so 581 00:31:29,480 --> 00:31:31,959 Speaker 2: as a family, we want to do something that matters. 582 00:31:31,960 --> 00:31:34,960 Speaker 2: And I will say in the House, in the Senate, 583 00:31:35,480 --> 00:31:38,560 Speaker 2: you know, you know, in the White House, and in 584 00:31:38,600 --> 00:31:41,600 Speaker 2: a broad bipartisan way, and that was something that was 585 00:31:41,640 --> 00:31:46,440 Speaker 2: really important to me. We've had incredible support and I said, 586 00:31:46,920 --> 00:31:50,240 Speaker 2: I've never seen an idea with a better product market fit. 587 00:31:50,480 --> 00:31:54,000 Speaker 2: Everybody I talked to in the private sector in Washington 588 00:31:54,400 --> 00:31:58,560 Speaker 2: was intrigued by the idea. But I remember we were 589 00:31:58,600 --> 00:32:01,640 Speaker 2: speaking with them Speaker party in the House. Lincoln was 590 00:32:01,680 --> 00:32:03,960 Speaker 2: in the meeting with me. We had an incredible meeting 591 00:32:04,600 --> 00:32:06,800 Speaker 2: with the Speaker and we walked out and I said 592 00:32:06,800 --> 00:32:09,440 Speaker 2: to him, as we're looking at the rotunda in the House, 593 00:32:10,400 --> 00:32:13,760 Speaker 2: I said, every single good idea in America has started 594 00:32:13,800 --> 00:32:18,000 Speaker 2: with a conversation just like that. Right, as an entrepreneur 595 00:32:18,000 --> 00:32:21,840 Speaker 2: in Silica Valley, nothing happened in Silica Valley right, not Google, 596 00:32:22,240 --> 00:32:26,520 Speaker 2: not open Ai, not Facebook, right without a conversation on 597 00:32:26,560 --> 00:32:28,560 Speaker 2: the back of a napkin. That starts as an idea. 598 00:32:28,960 --> 00:32:31,840 Speaker 2: And so I had started a few companies in Valley. 599 00:32:31,920 --> 00:32:35,160 Speaker 2: I knew something about starting things, and we just got 600 00:32:35,200 --> 00:32:38,240 Speaker 2: started and the snowball started rolling. And here we are 601 00:32:38,280 --> 00:32:40,920 Speaker 2: three and a half years later, and I think we're 602 00:32:40,960 --> 00:32:45,000 Speaker 2: on the precipice. Think your great leadership, the great leadership 603 00:32:45,040 --> 00:32:48,520 Speaker 2: in the House and the White House of making this happen. 604 00:32:49,000 --> 00:32:50,720 Speaker 2: And I agree with you. I think we're going to 605 00:32:50,800 --> 00:32:53,640 Speaker 2: look back in ten or twenty years and this is 606 00:32:53,640 --> 00:32:56,240 Speaker 2: going to be a massive legacy of this moment. You did. 607 00:32:56,360 --> 00:32:58,280 Speaker 5: You just said a word a moment about the word, 608 00:32:58,360 --> 00:33:01,239 Speaker 5: and it's become a bad word. Now. Is bipartisanate like 609 00:33:01,320 --> 00:33:02,280 Speaker 5: never happens anymore. 610 00:33:02,360 --> 00:33:05,000 Speaker 1: So I'm going to ask both of you this, is 611 00:33:05,320 --> 00:33:08,440 Speaker 1: there a chance that this can be such a great 612 00:33:08,440 --> 00:33:12,240 Speaker 1: idea that it is in fact bi partisan and that 613 00:33:12,400 --> 00:33:15,280 Speaker 1: Democrats and Republicans can work together like they used to 614 00:33:15,400 --> 00:33:19,760 Speaker 1: twenty thirty years ago. When there are non partisan ideas 615 00:33:19,800 --> 00:33:23,200 Speaker 1: that are just great ideas that are great for all Americans. 616 00:33:23,200 --> 00:33:24,800 Speaker 1: And this one, by the way, I would actually argue 617 00:33:24,840 --> 00:33:26,800 Speaker 1: with Skew Moore to helping those that are poor in 618 00:33:26,840 --> 00:33:28,600 Speaker 1: this country look than anyone. 619 00:33:28,360 --> 00:33:32,000 Speaker 3: Else, unquestionably, and I'll give you some positive signs on 620 00:33:32,040 --> 00:33:36,760 Speaker 3: this one. There are significant overlaps between this idea and 621 00:33:36,800 --> 00:33:39,360 Speaker 3: an idea that Corey Booker had called baby bonds, and 622 00:33:39,440 --> 00:33:42,680 Speaker 3: his idea was to create bonds and create a savings 623 00:33:42,680 --> 00:33:45,680 Speaker 3: account for every baby born in America, and when he 624 00:33:45,680 --> 00:33:47,680 Speaker 3: was running for president, he campaign on that. Corey's a 625 00:33:47,680 --> 00:33:51,560 Speaker 3: friend of mine, Brad knows Corey well. I will say 626 00:33:51,600 --> 00:33:55,640 Speaker 3: this is different from Corey's baby bonds because I was 627 00:33:55,720 --> 00:33:57,960 Speaker 3: not a supporter of just the baby bonds of an 628 00:33:57,960 --> 00:34:02,120 Speaker 3: investment account that is accruing interest. What really sold me 629 00:34:02,200 --> 00:34:06,360 Speaker 3: on this was making a generation of capitalists, was the 630 00:34:06,360 --> 00:34:09,440 Speaker 3: fact that this money is not just a savings account, 631 00:34:09,480 --> 00:34:12,440 Speaker 3: which is easy for Democrats to support, but rather it 632 00:34:12,480 --> 00:34:15,480 Speaker 3: is investing in the equity markets. It is making children 633 00:34:16,040 --> 00:34:19,160 Speaker 3: owners of the major companies in America, and that to 634 00:34:19,239 --> 00:34:23,120 Speaker 3: me was really exciting. That being said, I think there's 635 00:34:23,160 --> 00:34:26,200 Speaker 3: a good chance that we will get Democrats to support this. 636 00:34:26,280 --> 00:34:30,279 Speaker 3: I'll say Dick Durbin, who is the Democrat whip and 637 00:34:30,880 --> 00:34:32,960 Speaker 3: very liberal senator, although I've served with him on the 638 00:34:33,040 --> 00:34:36,080 Speaker 3: Judiciary Committee for thirteen years, Dick Durbin, in a press 639 00:34:36,239 --> 00:34:40,800 Speaker 3: story today, actually praised this idea. And it's common about 640 00:34:40,800 --> 00:34:43,439 Speaker 3: me that Dick is wicked smart, but we said about 641 00:34:43,480 --> 00:34:46,279 Speaker 3: me as he said, well, a stop clock is right 642 00:34:46,320 --> 00:34:50,160 Speaker 3: twice a day. And I actually ran into Dick in 643 00:34:50,200 --> 00:34:54,520 Speaker 3: the in the hallway and I said, Dick, you praised 644 00:34:54,600 --> 00:34:56,000 Speaker 3: me in the press. He said it must have been 645 00:34:56,000 --> 00:34:58,839 Speaker 3: a mistake, and I reminded him of the quote and 646 00:34:58,880 --> 00:35:00,640 Speaker 3: he laughed, and I said, Dick, it's a good thing 647 00:35:00,680 --> 00:35:03,640 Speaker 3: you're retiring. That they might primary in the Democrat primary 648 00:35:03,680 --> 00:35:04,920 Speaker 3: for saying something nice about me. 649 00:35:05,800 --> 00:35:06,840 Speaker 4: But it's and I'll tell you. 650 00:35:06,880 --> 00:35:09,720 Speaker 3: There was another Democrat senator, a freshman, it was newly elected, 651 00:35:09,719 --> 00:35:12,000 Speaker 3: who came and approached me and said, I really like 652 00:35:12,080 --> 00:35:14,279 Speaker 3: this idea. This is interesting. And I said, well, look, 653 00:35:14,800 --> 00:35:18,359 Speaker 3: so no Democrat is going to vote for the reconciliation bill. 654 00:35:18,400 --> 00:35:20,680 Speaker 3: That's going to be a pure party line bill. So 655 00:35:20,800 --> 00:35:24,040 Speaker 3: the actual bill that passes this no Democrat will vote for. 656 00:35:24,640 --> 00:35:27,359 Speaker 3: But what I told this this Democrat freshman, I said, well, 657 00:35:27,400 --> 00:35:30,600 Speaker 3: co sponsor my invest America bill, so you can make 658 00:35:30,680 --> 00:35:33,200 Speaker 3: clear you supported. I think we've got a decent chance 659 00:35:33,239 --> 00:35:36,120 Speaker 3: of getting Democrats on board. Brad did a good job 660 00:35:36,160 --> 00:35:41,160 Speaker 3: of talking to them, and I will tell you a 661 00:35:41,239 --> 00:35:43,480 Speaker 3: couple of things. So Brad was describing all the time 662 00:35:43,520 --> 00:35:47,320 Speaker 3: and energy he put in, and he said, quite modestly, 663 00:35:47,360 --> 00:35:49,680 Speaker 3: he said, well, I've had some success in business. 664 00:35:49,760 --> 00:35:52,160 Speaker 4: Ben let me be clear, Brad is a billionaire. 665 00:35:52,800 --> 00:35:55,600 Speaker 3: Like he's got a crap ton of money and he 666 00:35:55,640 --> 00:35:58,000 Speaker 3: could sit back and play golf all day long and 667 00:35:58,440 --> 00:36:00,719 Speaker 3: never need to work again, and he'd be fine, and 668 00:36:00,800 --> 00:36:03,120 Speaker 3: his kids would be fine, and his grandkids would be fine. 669 00:36:03,840 --> 00:36:04,759 Speaker 4: But he's not doing that. 670 00:36:04,840 --> 00:36:06,919 Speaker 3: A He's got a ton of energy, but he has 671 00:36:07,040 --> 00:36:10,600 Speaker 3: poured so much time and energy and money. 672 00:36:10,800 --> 00:36:12,640 Speaker 4: So I will tell you the way this got. 673 00:36:12,440 --> 00:36:15,440 Speaker 3: Done is he was relentless. He was talking to everybody 674 00:36:15,480 --> 00:36:17,359 Speaker 3: in the House. Why is this in the House bill? 675 00:36:17,880 --> 00:36:20,880 Speaker 3: Because Brad was talking repeatedly to Jason Smith, the Chairman 676 00:36:20,920 --> 00:36:23,800 Speaker 3: of Ways and Means. He was talking repeatedly to Mike Johnson, 677 00:36:23,800 --> 00:36:25,439 Speaker 3: the Speaker of the House. By the way, I was too, 678 00:36:25,480 --> 00:36:27,480 Speaker 3: I was talking to both of them. They're both good friends. 679 00:36:27,880 --> 00:36:31,800 Speaker 3: He was talking repeatedly to me and other senators. I 680 00:36:31,840 --> 00:36:34,360 Speaker 3: sat down with Brad this week with Mike Crapo, the 681 00:36:34,440 --> 00:36:37,680 Speaker 3: chairman of the Finance Committee, who's drafting the tax portion 682 00:36:37,760 --> 00:36:40,279 Speaker 3: of the reconciliation of the Senate. He's been talking in 683 00:36:40,280 --> 00:36:42,320 Speaker 3: the White House to Kevin Hasset, who runs the National 684 00:36:42,320 --> 00:36:44,920 Speaker 3: Economic Council, over and over and over again. He's been 685 00:36:44,920 --> 00:36:47,840 Speaker 3: talking to the President. It is been that relentless. And 686 00:36:47,840 --> 00:36:51,840 Speaker 3: by the way, President Trump weighed in directly with the 687 00:36:51,840 --> 00:36:55,160 Speaker 3: Speaker of the House and said, I like this idea included. 688 00:36:55,239 --> 00:36:57,600 Speaker 3: How did this idea get like? Like A lot of 689 00:36:57,640 --> 00:37:01,440 Speaker 3: the press is shocked, why is this in the House bill? 690 00:37:02,200 --> 00:37:04,760 Speaker 3: A big part of the reason is the President weighed 691 00:37:04,800 --> 00:37:07,839 Speaker 3: in and said, I really like this idea. And so 692 00:37:07,920 --> 00:37:11,800 Speaker 3: the House included it. That wouldn't have happened without Brad's 693 00:37:11,800 --> 00:37:15,320 Speaker 3: efforts and my efforts making the case to the House, 694 00:37:15,400 --> 00:37:17,440 Speaker 3: to the Senate and to the White House. And I 695 00:37:17,520 --> 00:37:21,440 Speaker 3: think we will get this done and it will have 696 00:37:21,480 --> 00:37:25,440 Speaker 3: an impact. When all three of us are dead and buried, 697 00:37:25,760 --> 00:37:28,000 Speaker 3: this will still be having a profound impact. 698 00:37:29,040 --> 00:37:31,359 Speaker 1: So for people that are listening, and this is when 699 00:37:31,400 --> 00:37:33,680 Speaker 1: I get genuinely excited and they say, all right, I 700 00:37:33,760 --> 00:37:35,960 Speaker 1: want to support this, what do they do? 701 00:37:36,200 --> 00:37:36,640 Speaker 5: Is it call? 702 00:37:36,760 --> 00:37:38,440 Speaker 1: Is this one of those where you say, call your 703 00:37:38,480 --> 00:37:42,919 Speaker 1: congress person, regardless of party, call your senator. I mean 704 00:37:43,000 --> 00:37:44,520 Speaker 1: that sounds like the White House is on board, so 705 00:37:44,520 --> 00:37:46,120 Speaker 1: you don't have to call them. But what is it 706 00:37:46,160 --> 00:37:47,840 Speaker 1: that the American people need to do to help this 707 00:37:47,880 --> 00:37:49,279 Speaker 1: get across the finish line as well? 708 00:37:49,440 --> 00:37:50,839 Speaker 4: So I've got an answer to that, and I want 709 00:37:50,880 --> 00:37:51,919 Speaker 4: Brad to chime in on this. 710 00:37:51,880 --> 00:37:55,239 Speaker 3: Also, but I'd say speak out, use your voice and 711 00:37:55,320 --> 00:37:57,200 Speaker 3: say this is a great idea. 712 00:37:57,200 --> 00:37:57,879 Speaker 4: And I like this. 713 00:37:58,280 --> 00:38:01,520 Speaker 3: And Brad today was texting, so he and I started 714 00:38:01,520 --> 00:38:04,880 Speaker 3: the morning. Early this morning. I did an interview on 715 00:38:04,960 --> 00:38:08,600 Speaker 3: Squawkbox on CNBC, which I love doing, and Brad called 716 00:38:08,640 --> 00:38:12,160 Speaker 3: in form riad by the way, you might think, Okay, 717 00:38:13,080 --> 00:38:17,600 Speaker 3: a billionaire Silicon Valley investor in Saudi Arabia calling in 718 00:38:17,640 --> 00:38:22,520 Speaker 3: to CNBC Squawkbox, this is high falutin. This is fancy schmancy. 719 00:38:23,520 --> 00:38:25,920 Speaker 3: Brad sent me the picture of him. He was literally 720 00:38:26,040 --> 00:38:30,120 Speaker 3: standing there holding his laptop in the air like filming 721 00:38:30,160 --> 00:38:33,200 Speaker 3: it on a zoom. It was as low tech as 722 00:38:33,239 --> 00:38:36,319 Speaker 3: can be. And we did the interview together. But I 723 00:38:36,320 --> 00:38:37,920 Speaker 3: want to tell you two things on this because this 724 00:38:38,000 --> 00:38:40,719 Speaker 3: is the answer to what you can do. One, when 725 00:38:40,760 --> 00:38:43,680 Speaker 3: I finished that interview, and also when I finished the 726 00:38:43,719 --> 00:38:47,200 Speaker 3: interview with Larry Kudler, which I did this afternoon, this 727 00:38:47,320 --> 00:38:50,840 Speaker 3: is so cool. In both instances, the cameraman who was 728 00:38:50,880 --> 00:38:53,600 Speaker 3: filming us like the I haven't told you this, Brad. 729 00:38:54,719 --> 00:38:58,359 Speaker 3: At the end of squawk the cameraman said, Wow, I 730 00:38:58,360 --> 00:39:00,279 Speaker 3: have a daughter as a senior in high school. I'd 731 00:39:00,280 --> 00:39:02,360 Speaker 3: love for her to have one hundred and seventy thousand dollars. 732 00:39:03,120 --> 00:39:06,799 Speaker 3: And like the cameraman on Cudlow said basically the same thing. 733 00:39:06,880 --> 00:39:07,160 Speaker 4: I mean. 734 00:39:07,280 --> 00:39:09,560 Speaker 3: It was, you want to talk about a message that 735 00:39:09,600 --> 00:39:14,120 Speaker 3: resonates people think, wait, this could really help my kid. 736 00:39:14,840 --> 00:39:17,359 Speaker 3: And that was cool. But on the question of what 737 00:39:17,400 --> 00:39:20,920 Speaker 3: you can do, and I'm so brad. Today at eleven 738 00:39:21,000 --> 00:39:25,160 Speaker 3: thirty six am, he texted me, how are you tackling 739 00:39:25,280 --> 00:39:26,040 Speaker 3: the quote? 740 00:39:26,239 --> 00:39:29,640 Speaker 4: This is socialism? Retort. And so there are some people 741 00:39:29,640 --> 00:39:31,400 Speaker 4: online who are saying this is saying that. 742 00:39:31,560 --> 00:39:33,800 Speaker 1: By the way, people are coming after you in the 743 00:39:34,120 --> 00:39:36,239 Speaker 1: White House saying this is socialism straight up. 744 00:39:36,280 --> 00:39:37,560 Speaker 5: So let's respond to. 745 00:39:37,520 --> 00:39:40,400 Speaker 3: That, Okay. So I texted him back, I'm just going 746 00:39:40,440 --> 00:39:43,040 Speaker 3: to read you my text. I said, yep, it's the 747 00:39:43,040 --> 00:39:48,040 Speaker 3: opposite of socialism. The definition of socialism is government ownership 748 00:39:48,120 --> 00:39:51,879 Speaker 3: or control of the means of production or distribution. This 749 00:39:51,960 --> 00:39:56,319 Speaker 3: is ownership and control by millions of citizens. It is 750 00:39:56,480 --> 00:40:03,160 Speaker 3: making them capitalists. Online people use quote socialism as a 751 00:40:03,239 --> 00:40:07,279 Speaker 3: shorthand for any government spending or tax credits. But obviously 752 00:40:07,719 --> 00:40:11,000 Speaker 3: some is good and some is bad. And so I 753 00:40:11,040 --> 00:40:13,080 Speaker 3: will say what I will encourage our listeners to just 754 00:40:13,120 --> 00:40:17,680 Speaker 3: speak out and say, look, helping people creating a vehicle 755 00:40:17,800 --> 00:40:21,279 Speaker 3: for our children to invest, to accumulate wealth, to transform 756 00:40:21,360 --> 00:40:24,080 Speaker 3: their lives, to have resources, to get an education, to 757 00:40:24,080 --> 00:40:27,480 Speaker 3: buy a house, to start a business, to climb the 758 00:40:27,520 --> 00:40:32,719 Speaker 3: economic ladder much faster, that is incredibly worthwhile, and creating 759 00:40:32,840 --> 00:40:36,400 Speaker 3: people who are capitalists and invested in the free market system. 760 00:40:36,760 --> 00:40:39,480 Speaker 3: That is, if anything, more valuable. And so I think 761 00:40:39,520 --> 00:40:42,360 Speaker 3: adding your voices. And by the way, for some of 762 00:40:42,360 --> 00:40:46,040 Speaker 3: the critics, they're quieted by the fact that the President 763 00:40:46,040 --> 00:40:51,799 Speaker 3: Trump enthusiastically supports this, but it is really transformed. To Brad, 764 00:40:51,840 --> 00:40:53,520 Speaker 3: what do you think about that? I kind of went 765 00:40:53,600 --> 00:40:54,040 Speaker 3: on a rant. 766 00:40:54,480 --> 00:40:58,320 Speaker 2: No, well said number one. I would say on Twitter 767 00:40:58,440 --> 00:41:02,799 Speaker 2: or X follow it invest America twenty four. So it's 768 00:41:02,840 --> 00:41:05,120 Speaker 2: just at Invest America twenty four. And what we're going 769 00:41:05,200 --> 00:41:07,560 Speaker 2: to do there, like we've been doing for three years, 770 00:41:07,560 --> 00:41:10,040 Speaker 2: We're just going to continue to post the updates so 771 00:41:10,120 --> 00:41:13,959 Speaker 2: people can stay informed. Right. Secondly, as the senator said, 772 00:41:14,000 --> 00:41:17,120 Speaker 2: way in, you know, use your voice, use your voice 773 00:41:17,120 --> 00:41:20,920 Speaker 2: in your social networks, direct people to follow it. We're 774 00:41:20,920 --> 00:41:24,040 Speaker 2: building the movement, and the movement's going to last well 775 00:41:24,040 --> 00:41:27,720 Speaker 2: beyond just getting the legislation passed. Remember when we passed 776 00:41:27,760 --> 00:41:30,879 Speaker 2: the legislation. Now, the Treasury Department is going to set 777 00:41:30,960 --> 00:41:33,320 Speaker 2: up these accounts and so you know, we're going to 778 00:41:33,400 --> 00:41:36,920 Speaker 2: integrate this into the financial literacy across the country. There 779 00:41:36,960 --> 00:41:41,520 Speaker 2: are already thirty states that require literacy in high school. 780 00:41:41,680 --> 00:41:44,240 Speaker 2: But think about this, it's hard to learn about financial 781 00:41:44,320 --> 00:41:46,879 Speaker 2: literacy when your parents don't own anything, when you don't 782 00:41:46,920 --> 00:41:49,800 Speaker 2: own anything and you have no prospect of owning anything. 783 00:41:50,160 --> 00:41:52,080 Speaker 2: Now they're going to say, get out your phone, open 784 00:41:52,160 --> 00:41:54,680 Speaker 2: up your invest America account. We're going to talk about 785 00:41:54,680 --> 00:41:57,200 Speaker 2: how you got twenty five thousand dollars in that account, 786 00:41:57,239 --> 00:41:59,400 Speaker 2: what it means to own a little bit of Nvidia 787 00:41:59,719 --> 00:42:04,279 Speaker 2: or Sure halfway, how compounding works, how stocks work, what 788 00:42:04,360 --> 00:42:09,040 Speaker 2: voting rights you know in these companies mean. So like, 789 00:42:09,160 --> 00:42:11,720 Speaker 2: this is going to be a movement that lasts well 790 00:42:11,760 --> 00:42:16,719 Speaker 2: beyond you know, just getting the legislation, but certainly way in. 791 00:42:17,120 --> 00:42:21,560 Speaker 2: And yeah, I want to underscore Senator that you know, 792 00:42:21,600 --> 00:42:25,560 Speaker 2: the Senator's leadership has been incredible here. But what will 793 00:42:25,600 --> 00:42:29,520 Speaker 2: make this big and beautiful is by building a giant tent. 794 00:42:29,719 --> 00:42:33,640 Speaker 2: I will tell you this. I have had former Democratic presidents. 795 00:42:34,000 --> 00:42:37,680 Speaker 2: I had had lots of members of the Democratic Party 796 00:42:37,760 --> 00:42:41,719 Speaker 2: in the Senate, in the House and across America. Tell 797 00:42:41,800 --> 00:42:44,280 Speaker 2: me what a great idea this is. They can't wait 798 00:42:44,600 --> 00:42:47,040 Speaker 2: until this happens for the benefit of their kids. Because 799 00:42:47,040 --> 00:42:50,120 Speaker 2: I want to return to this fundamental principle. If you're 800 00:42:50,160 --> 00:42:54,200 Speaker 2: a parent, if you've experienced having a child, you know 801 00:42:54,760 --> 00:42:56,920 Speaker 2: you would give the shirt off your back to your child. 802 00:42:57,280 --> 00:43:00,839 Speaker 2: There's nothing parents want more that a shot for their 803 00:43:00,920 --> 00:43:03,600 Speaker 2: kid than the shot that they had. And this is 804 00:43:03,680 --> 00:43:07,440 Speaker 2: the way that we do it. It unleashes economic mobility, 805 00:43:07,880 --> 00:43:13,640 Speaker 2: it unleashes human potential. It aligns everybody with the democratic, 806 00:43:14,080 --> 00:43:18,280 Speaker 2: free market, free enterprise principles which has made this country 807 00:43:18,640 --> 00:43:21,400 Speaker 2: so great. You know, here I am in Saudi Arabia today, 808 00:43:21,560 --> 00:43:23,960 Speaker 2: I'm looking out the window of my hotel and I 809 00:43:24,000 --> 00:43:26,440 Speaker 2: will tell you, while it's a very wealthy nation, the 810 00:43:26,520 --> 00:43:30,840 Speaker 2: wealth is not equally distributed. Right. One of the powers 811 00:43:30,880 --> 00:43:35,600 Speaker 2: of America is we have the greatest economic mobility in 812 00:43:35,680 --> 00:43:39,239 Speaker 2: the world. But for too long, over the course of 813 00:43:39,280 --> 00:43:43,440 Speaker 2: the last thirty years, we've had a concentration of that 814 00:43:43,640 --> 00:43:47,000 Speaker 2: because the stock market has been the thing that's compounded 815 00:43:47,040 --> 00:43:51,160 Speaker 2: all the value, and less than three percent of the 816 00:43:51,200 --> 00:43:54,120 Speaker 2: market is owned by the bottom sixty percent of people. 817 00:43:54,480 --> 00:43:57,080 Speaker 2: We're going to turn that on its head by getting 818 00:43:57,160 --> 00:44:01,320 Speaker 2: everybody into the game, and so every world town in Texas, Senator, 819 00:44:01,920 --> 00:44:03,520 Speaker 2: where you have folks who want to vote for you, 820 00:44:03,600 --> 00:44:06,359 Speaker 2: it doesn't matter the color the race, doesn't matter if 821 00:44:06,360 --> 00:44:08,840 Speaker 2: you're working one or two jobs, You're gonna have a 822 00:44:08,880 --> 00:44:10,600 Speaker 2: lot more hope for your kid, and you're going to 823 00:44:10,680 --> 00:44:13,840 Speaker 2: have account that you can contribute to that future. So 824 00:44:15,000 --> 00:44:18,160 Speaker 2: that's how I would weigh in, you know, and I 825 00:44:18,200 --> 00:44:20,200 Speaker 2: hope people have an open mind. I think they will. 826 00:44:20,239 --> 00:44:22,960 Speaker 2: You know, you mentioned Social Security and obviously that's a 827 00:44:23,040 --> 00:44:26,760 Speaker 2: sacred promise got to be met, and this is something 828 00:44:26,800 --> 00:44:29,680 Speaker 2: totally different. But you know, if I asked you guys, 829 00:44:30,560 --> 00:44:34,120 Speaker 2: most Americans would have no idea whether that was passed 830 00:44:34,160 --> 00:44:36,960 Speaker 2: by a Republican or a Democrat. Most Americans would have 831 00:44:37,000 --> 00:44:40,200 Speaker 2: no idea about the political debates. Most Americans would have 832 00:44:40,239 --> 00:44:42,560 Speaker 2: no idea you know, how many votes had got in 833 00:44:42,600 --> 00:44:44,759 Speaker 2: favor of it. Were they Republican votes or were they 834 00:44:44,760 --> 00:44:49,920 Speaker 2: Democrat votes? Right? What people remember is doing something that 835 00:44:50,000 --> 00:44:54,080 Speaker 2: helps America come together on Team America, something that unites 836 00:44:54,160 --> 00:44:58,040 Speaker 2: us not divides us, right, something that uplifts families around 837 00:44:58,040 --> 00:45:00,480 Speaker 2: the country. And I can't think of any thing more 838 00:45:00,560 --> 00:45:04,759 Speaker 2: powerful than the power of invest America accounts for all 839 00:45:04,800 --> 00:45:07,080 Speaker 2: these kids, Barn. You know, I'll leave you with this. 840 00:45:07,640 --> 00:45:11,160 Speaker 2: Twenty twenty six is the two hundred and fiftieth anniversary 841 00:45:11,400 --> 00:45:15,080 Speaker 2: of this great American experiment, Right, and the three folks 842 00:45:15,120 --> 00:45:18,799 Speaker 2: on this on the zoom or on this podcast are 843 00:45:19,520 --> 00:45:23,600 Speaker 2: living testaments. Right. Our parents struggled. Two of us had 844 00:45:23,640 --> 00:45:28,720 Speaker 2: parents still bankrupt, right, and this country has been unbelievably 845 00:45:28,760 --> 00:45:32,480 Speaker 2: good to us. We can unlock that power for millions 846 00:45:32,560 --> 00:45:35,600 Speaker 2: and millions and millions more kids. And this is one 847 00:45:35,640 --> 00:45:37,760 Speaker 2: of the ways we can do. Lots of great ideas 848 00:45:37,800 --> 00:45:40,319 Speaker 2: out there, but you know, we got work to do 849 00:45:40,400 --> 00:45:42,400 Speaker 2: to get this past. So I'm gonna be back in 850 00:45:42,600 --> 00:45:46,440 Speaker 2: Washington working with the Senator, building that broad coalition, making 851 00:45:46,440 --> 00:45:49,960 Speaker 2: sure that we get it done. And you know, and 852 00:45:50,200 --> 00:45:52,320 Speaker 2: and and just can't thank you enough for your support. 853 00:45:52,760 --> 00:45:55,600 Speaker 1: Make sure you share this podcast with your family and friends, 854 00:45:55,600 --> 00:45:58,520 Speaker 1: put it up on social media wherever you are, and 855 00:45:58,560 --> 00:46:00,319 Speaker 1: we appreciate you listening every day. 856 00:46:00,360 --> 00:46:01,800 Speaker 5: We'll see you back here tomorrow.