"Decades from now, I believe that Trump Accounts will be remembered as one of the most transformative policy innovations of all time," said President Donald Trump during the program’s initial announcement.
The combined public and private funding rollout drew immediate political support from lawmakers tracking the launch over the holiday weekend.
"An extraordinary birthday gift to celebrate the greatest nation in the history of the world," said Sen. Ted Cruz, R-Texas.
According to the Congressional Research Service, the individual investment vehicles function like traditional IRAs where account balances grow tax-deferred, though specific operational rules apply during the first 18 years of the child's life.
Authorized adults can open an account by submitting Form 4547, and the U. S.
>>> Elaine Chao Meets Chinese Vice President in Beijing Amid Bilateral Talks
Treasury has selected Robinhood and the Bank of New York to manage the investments through a jointly created application.
