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.
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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.
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He also expressed a desire to permanently display the exchange bell inside the upcoming White House ballroom.
