The new savings and investment account for children officially launched on July 4.
On Saturday, July 4, President Trump announced the official launch of Trump Accounts.
Trump Accounts are a new tax-advantaged option for parents to save and invest for their child’s future.
President Trump rang the opening bell for Nasdaq and the New York Stock Exchange from the Oval Office on Monday to celebrate the first day of trading for Trump Accounts.
More than 6 million Trump Accounts have been requested for children under the age of 18, according to the Treasury Department. Of those accounts, 1.4 million will receive a $1,000 federal pilot contribution.
According to the White House, over 86% of accounts requested come from families earning less than $200,000 annually.
“This will be one of the president’s most enduring legacies, and the great bounty of this will go on for generations to come,” said Treasury Secretary Scott Bessent in remarks delivered on Monday.
The president was joined in the Oval Office by executives from Nasdaq and the New York Stock Exchange, as well as Republican Senator Ted Cruz. Cruz championed legislation to create the Trump Accounts.
Cruz wrote on social media that the launch of the accounts “marks one of the most significant expansions of savings and investment opportunities for American families in decades.”
Eligible investments for Trump Accounts include mutual funds or exchange-traded funds that track either the S&P 500 stock index or any index that follows the returns on equity investments primarily made in U.S. companies.
Annual fees on Trump Accounts may not top 0.1% of a child’s assets in the fund.
Pennsylvania’s Senators McCormick and Fetterman joined together to highlight Trump Accounts in Philadelphia.
“Every child deserves a stronger financial future… Trump Accounts [are] a common-sense way to give the next generation an ownership stake in our economy and a head start on the American Dream,” wrote Senator McCormick on social media.
“These accounts put families in the driver’s seat: parents, grandparents, family, and friends can contribute, and eligible kids even get that initial boost from the Treasury. It’s about building real opportunity and security for the next generation, NOT more debt,” wrote USDA Secretary Brooke Rollins on social media.
President Trump ringing the opening bell marked the official launch of the Trump Accounts.
In the Oval Office, Trump celebrated the launch of the tax-advantaged accounts for American children. “With the ringing of the opening bell for the stock market, [Trump Accounts] will now begin to grow right along with our booming economy… Between individual contributions and the seed funds, $800 million in new capital will be invested in the stock market for America’s children this week.”
