WASHINGTON — Trump accounts, a new tax-deferred investment program for children, have signed up 5 million participants, Treasury Secretary Scott Bessent said Wednesday on CNBC.
Of those, about 1.2 million children qualify for a $1,000 pilot contribution from the U.S. Treasury, Bessent said during an appearance at CNBC’s Invest in America Forum.
The accounts, created under legislation backed by President Donald Trump, are set to officially launch on July 4. They are available to all U.S. children under 18 with a Social Security number.
The $1,000 government-funded deposit applies to babies born between 2025 and 2028.
“The $1,000 is just the starting point,” Bessent said.
Parents or guardians can open accounts through their 2025 tax return using IRS Form 4547 or online via a federal website.
Officials say the accounts are designed to encourage long-term investing and financial literacy from an early age. Contributions can come from multiple sources, including families, charitable organizations and state or local governments.
At the same event, Michael Dell said companies and philanthropists have pledged billions of dollars to support the program, with additional commitments expected.
Financial firms are also involved. Bank of New York Mellon will manage the accounts, with a partnership involving Robinhood to develop a related mobile app.
Supporters say the program could help introduce children to investing and wealth-building, while critics have raised questions about cost and long-term impact.