Garbarino Brings Treasury Official, Long Island Business Leaders Together to Discuss Trump Accounts

August 31, 2026 Press Release Bay Shore, NY — Last week, Congressman Andrew Garbarino brought together U.S. Department of the Treasury Assistant Secretary for Financial Institutions Luke Pettit, local small business owners, and chamber and business leaders for a roundtable discussion on Trump Accounts and how Long Island employers can take advantage of the new program. Trump Accounts were established as part of the Working Families Tax Cut and provide a new tax-advantaged way for families to begin building long-term savings for their children. Eligible U.S. citizen children born between January 1, 2025, and December 31, 2028, may receive a one-time $1,000 contribution from the U.S. Treasury. Beginning this year, employers can also contribute up to $2,500 annually to a Trump Account for an employee or an employee’s dependent, giving businesses a new option to invest in their employees and their families. “Trump Accounts are a great way to help families start saving for their kids early and give them a head start for the future,” said Congressman Garbarino. “I was glad to welcome Assistant Secretary Pettit to Long Island and bring him together with local business leaders to talk about how this new program can benefit their employees and their families. I appreciate him coming out and everyone who joined us today.” “Trump Accounts give families a revolutionary way of saving and investing for their children from day one,” said Luke Pettit, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury. “With the ability to contribute directly to employees and their childrens’ accounts, employers can play an important role in helping working families build long-term financial security. I appreciate Congressman Garbarino for convening Long Island’s small business leaders to help ensure as many employers and families as possible can take advantage of Trump Accounts, and for helping ensure they have the information they need to take advantage of this important new benefit.” During the roundtable, Pettit provided local employers with an overview of Trump Accounts and how businesses can establish qualifying contribution programs. Local business leaders also had the opportunity to ask questions and provide feedback directly to Treasury. The tax law that created Trump Accounts also included several priorities Garbarino supported to provide relief to Long Island families, including raising the State and Local Tax deduction cap to $40,000, providing a new deduction for seniors, establishing deductions for qualified tip and overtime income, and increasing the Child Tax Credit. ### Issues : Economy & Jobs Taxes