Trump Accounts Launch On July 4th, Giving Newborns $1,000
On Saturday, President Donald Trump’s administration plans to launch Trump Accounts, tying the 250th anniversary of the signing of the Declaration of Independence to an effort to boost financial independence for American kids.
Under the program, parents can open investment accounts for any child born during Trump’s second term and automatically receive $1,000 from the government. Accounts can be opened on behalf of older children — as long as they don’t turn 18 before the end of the calendar year — but they will not receive the $1,000.
That money — and anything else deposited by employers, philanthropies and relatives — is invested in the stock market by private firms. Children can’t access the money until they turn 18, and then only for specific purposes, like paying for a home or school.