President Donald Trump promoted a key aspect of his ‘big beautiful bill’ as the Senate continues to debate the legislation: $1,000 investment accounts for babies born during his tenure in office.
The ‘Trump accounts’ will be given to every U.S. citizen born after December 31, 2024, and before January 1, 2029.
The government’s $1,000 contribution would be placed in an index fund tied to the overall stock market and managed by the child’s legal guardians.
The accounts ‘will make it possible for countless American children to have a strong start in life at no cost to the American taxpayer, absolutely no cost. It’s going to have a huge impact,’ the president said during an event at the White House on Monday.
Named after himself, Trump called the accounts a ‘pro-family’ initiative as he works to rally senators to support the legislation.
President Donald Trump at the announcement with Speaker Mike Johnson (left)
It’s not the first time that Trump has made sure it’s his name that Americans see on a financial statement. He put his name on the stimulus checks the government sent to millions of Americans during the COVID-19 pandemic.
House Republicans changed the name of the program from ‘MAGA accounts’ to ‘Trump accounts’ before the bill’s passage last month.
The Trump accounts will be funded by contributions from private businesses. The heads of Dell, Uber, Altimeter Capital, ARM Corp, Salesforce, ServiceNow, Robinhood and Goldman Sachs jointed the president for the announcement.
The accounts will also be accessible for additional financial contributions throughout the child’s life: from family, friends, parents, employers, or other entities.
‘It is a pro family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation, and they’ll really be getting a big jump on life, especially if we get a little bit lucky with some of the numbers and the economies,’ Trump noted.
The recipient of the account could access some of the money when they turn 18 for things like education, training or a first-time home purchase. The full balance would be available at age 30.
Democrats are critical of the legislation, which they say will remove millions from Medicaid and add billions to the federal deficit.
President Donald Trump speaks with White House Chief of Staff Susie Wiles during an ‘Invest America’ roundtable discussion
Some Republican senators, especially those who represent states with large rural areas, also have expressed concern about the cuts to Medicaid.
The Senate can still amend the bill, which, if that happens, it would need to be re-approved by the House before it could go to Trump for his signature.
Trump has said he’d like to have the bill on his desk by July 4th.
