The Biden administration destroyed affordability,” he told ABC News on Wednesday, contending inflation under the Biden administration was the worst in 49 years. When pressed on those statistics, Bessent said people need to see costs in a broader context. Bessent told ABC News that 600,000 families have already gone online to open accounts. “Employers are going to contribute, philanthropists are going to contribute, companies are going to contribute,” Bessent added. JP Morgan and Bank of America announced Wednesday that they will match employees’ “Trump Accounts” by $1,000.