President Donald Trump launched a new federal initiative on Monday, creating government-funded investment accounts for children. The program, dubbed "Trump accounts," provides $1,000 to each eligible child.
Trump hosted leaders from the New York Stock Exchange and Nasdaq at the Oval Office for the announcement.
The event marked the first joint opening of the two exchanges and the first time the opening bell was rung from the White House.
Congress established the program under the One Big Beautiful Bill Act. The accounts are designed to help children compound savings throughout their childhood.
"Those accounts will begin to grow along with our booming economy," Trump said.
The federal government will deposit $1,000 for children born between January 2025 and December 2028.
Parents can register through the IRS, and investments default into a diversified index fund.
"We're giving this money to children so they can have a good life," Trump said.
Accounts remain under the management of parents or guardians until the child turns 18.
After that, the account holder can use the funds to buy a home, finance college, or start a business.
The total annual deposit cap is $5,000 from parents, employers, and friends.
Trump commented on the naming of the accounts after himself, noting he had experienced similar naming situations before.
He also expressed a desire to permanently display the exchange bell inside the upcoming White House ballroom.
"They can have a lot of money," Trump said.
The president expressed regret over the timing, saying the government should have implemented the savings program sooner. "We should have acted faster.
It's too bad," he said.
Private donors have contributed significantly.
Dell Technologies founder Michael Dell and his wife, Susan, donated $6.25 billion to add $250 each to the accounts of 25 million lower-income children under age 10.
Billionaire Ray Dalio and his wife, Barbara, funded a $250 booster for 300,000 lower-income children in Connecticut.
Trump encouraged people to buy Dell computers following the donation. "We're going to get him that money back one way or another," he said.
SpaceX President and CEO Gwynne Shotwell announced a $350 million contribution on Monday via social media platform X.
"We have been fortunate in our careers and hope this gift encourages the next generation to continue the journey of enabling humanity to live and fly amongst the stars," Shotwell said.
