DES MOINES, IA — Representative Zach Nunn (IA-03) today joined the Iowa Bankers Association in hosting U.S. Treasury Secretary Scott Bessent, House Majority Leader Steve Scalise (LA-01), and House Ways and Means Chairman Jason Smith (MO-08) for a roundtable with Iowa community bank leaders, small business owners, and financial services leaders.
The discussion focused on how the Working Families Tax Cuts are putting more money back in Iowans’ pockets, helping Main Street businesses grow, and giving Iowa families new tools to build savings for their children’s future.
“Iowa’s small businesses and community banks are the backbone of our state’s economy, and today’s conversation made clear that the Working Families Tax Cuts are delivering for the families and businesses they serve,” said Rep. Nunn. “We wrote this law to reward hard work, put more dollars in the pockets and paychecks of hardworking Iowans, and give families new ways to save for the future. Secretary Bessent has been a true partner in making that vision a reality. With this week’s guidance, Iowa employers can now contribute directly to their employees’ children’s accounts, while parents can save for their kids’ futures straight from their paycheck.”
“In Iowa, I joined Congressman Nunn, House Majority Leader Steve Scalise, Ways and Means Committee Chairman Jason Smith, Iowa Superintendent of Banking James Johnson, the Iowa Bankers Association, and local banking leaders to discuss how President Trump’s economic agenda is delivering for American families and Main Street,” said Secretary of the Treasury Scott Bessent. “From providing certainty through the Working Families Tax Cuts and supporting financial literacy with Trump Accounts to fighting financial crime and cutting unnecessary regulatory burdens, this Administration continues to encourage investment, unlock capital, and ensure community banks can serve the families, entrepreneurs, and small businesses that drive the American economy.”
“I worked closely with Zach Nunn to pass the Working Families Tax Cuts to help make life more affordable not just for American families today, but for the next generation,” said House Majority Leader Steve Scalise. “With 7 million children already enrolled in Trump Accounts, parents across the country have a new opportunity to start saving and building wealth for their children. I appreciate Congressman Nunn bringing us together with Secretary Bessent and Chairman Smith here in Iowa to discuss how we can build on that progress and create more opportunities for hardworking families. That’s what the American Dream is all about: working hard, building a better life, and giving your children even greater opportunities than you have.”
“Two years ago, the Ways and Means Committee became the first committee to hold an official committee hearing at the Iowa State Fairgrounds to hear directly from Iowa families, farmers and small business owners, who were Republicans’ number one priority when writing the Working Families Tax Cuts,” said Chairman Smith. “Congressman Nunn spoke at that hearing about his interest in families getting tax relief from an expanded child tax credit, Iowa farmers benefitting from an extended biofuels tax credit, small businesses benefitting from the same tax treatment that large corporations receive, and adoption being made more affordable for working families. We achieved all of those things in our tax bill, thanks in part to Congressman Nunn’s leadership. I was also proud to join Congressman Nunn for a telephone town hall in June where we spoke directly with thousands of Iowans about the new tax relief available. Congressman Nunn fought to deliver this tax relief for the people he represents, and he’s fighting just as hard to make sure folks know about the results: permanent relief for family farms facing the Death Tax, a small business deduction, full, immediate expensing to help Main Street businesses grow and hire, and more of every paycheck staying in workers’ pockets through No Tax on Tips and No Tax on Overtime. None of that happens without a Congressman like Zach Nunn, who’s never been afraid to break from the pack in Washington and keeps advocating for the people of Iowa.”
“Iowa’s banking leaders appreciated the opportunity to meet with Secretary Bessent and Congressman Nunn to thank them for their leadership in financial services policy, to discuss the impacts of the Working Families Tax Cuts, to share our insights on the Iowa economy, and to provide suggestions on how to continue to improve the regulatory environment,” said Adam Gregg, President & CEO, Iowa Bankers Association. “The accessibility of both of these leaders is remarkable and appreciated.”
The roundtable came as the Administration advances new policies designed to help build wealth, strengthen community banks, and reduce unnecessary red tape for America’s small businesses. Earlier this week, the Treasury Department also issued new guidance allowing employers to contribute to Trump Accounts and permanently ended burdensome federal beneficial ownership reporting requirements for America’s small businesses.
Building Savings for the Next Generation
Trump Accounts, created by the Working Families Tax Cuts, officially launched on July 4, 2026. Every child born from 2025 through 2028 is eligible for a $1,000 federal contribution, and 7 million children have enrolled nationwide since the program launched, according to the Treasury Department.
New guidance issued this week gives families and employers additional ways to build on that foundation. Employers can contribute up to $2,500 per year, tax-free, to an employee’s child’s Trump Account, while parents can direct pre-tax dollars from their paychecks into the children’s accounts.
At today’s roundtable, Iowa banking and financial services leaders discussed how Trump Accounts can help families establish a culture of saving, strengthen financial literacy, and give the next generation a stronger financial foundation.
Cutting Red Tape for Iowa’s Small Businesses
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) also finalized a rule this week permanently ending beneficial ownership information (BOI) reporting requirements for American companies and U.S. citizens, and committed to deleting information previously filed by U.S. persons. Foreign entities registered to do business in the United States remain subject to reporting requirements.
Rep. Nunn led the legislative response to the BOI mandate, authoring the Protect Small Businesses from Excessive Paperwork Act, which passed the House 408-0 in February 2025.
The legislation addressed a federal reporting requirement that subjected small business owners to daily fines and up to two years in prison for failing to complete paperwork many business owners were unaware they were required to file. According to the National Federation of Independent Business, 80% of its members were unaware of the requirement, while the National Small Business Association estimated first-year compliance costs of roughly $8,000 per business. By FinCEN’s own accounting, ending the mandate eliminates more than 91 million hours of annual paperwork and approximately $9 billion in annual compliance costs nationwide.
Rep. Nunn’s Financial Services Agenda
Rep. Nunn has advanced four bills through the House Financial Services Committee this Congress, with three also passing on the House floor. At today’s roundtable, he highlighted three priorities for strengthening Iowa’s financial economy:
- Bringing capital to the heartland. Rep. Nunn’s ELEVATE Act makes it easier for growing companies to access public markets by allowing them to provide two years of audited financial statements, rather than three, when going public, and permitting confidential draft registration. The bipartisan legislation passed the House by voice vote in June 2025 and was later incorporated into a broader bipartisan capital formation package that passed the House 302–123 in December.
- Protecting Iowans from financial fraud. The GUARD Act gives state, local, and tribal law enforcement the tools and resources to combat elder financial fraud and “pig butchering” scams, and authorizes federal agencies to share blockchain tracing tools. The bipartisan legislation advanced unanimously, 52-0, through the Financial Services Committee in May.
- Cutting red tape for independent financial advisors. The Clarity for Compensation Act gives independent financial advisors the same ability to route compensation through their own business entities that lawyers, accountants, and insurance agents already have. The bipartisan legislation passed the Financial Services Committee unanimously in June.
Photos from the roundtable are available here.
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