Trump touts Trump Accounts for children as 'transformative'
President Donald Trump on Wednesday said his Trump Accounts will be "one of the most transformative policy innovations of all time."
"For the first time ever, we're going to give every newborn American child a financial stake in the future, head start of life and a fair shot at the American Dream," Trump said of the new accounts at an all-day summit with administration officials, CEOs and philanthropists.
The Trump Accounts are part of the president's signature tax and spending bill passed last year. Under the new program, the federal government will deposit $1,000 for every baby born between 2025 and 2028.
A number of major U.S. companies had already pledged to match the federal government's initial contribution for eligible employees' children, including Charles Schwab, Robinhood, SoFi, Uber, Charter Communication and BNY.
Trump said Wednesday that several others, including Intel, Nvidia and Comcast, have also agreed to make contributions. He said that Visa is creating a new platform that will allow credit card holders to deposit cash back rewards directly into Trump Accounts. JPMorganChase also announced Wednesday it would match the government's $1,000 contribution.
Treasury Secretary Scott Bessent told ABC News' Selina Wang before the event that 600,000 families have already gone online to open accounts. He said he expects states to make contributions, in addition to new contributions from companies and philanthropists.
Families can open a Trump account for eligible children by making elections on IRS Form 4547 when filing their tax returns. They can contribute up to $5,000 annually and employers can contribute up to $2,500 per year per employee.
The money must be invested in a fund that tracks the broader stock market and it can't be withdrawn until the child turns 18.
Families with older children could also be eligible for funds. Dell CEO Michael Dell and his wife Susan announced late last year they were donating $6.25 billion to seed savings accounts for up to 25 million American children -- depositing $250 for every child age 10 and under, who lives in a ZIP code where the median income is below $150,000.
The accounts themselves will go live this summer, with contributions beginning on July 4, 2026 -- the same day as America's 250th anniversary.
Asked by Wang if the program would benefit wealthier Americans more since they can better afford to donate the maximum, Bessent defended the program.
"Michael and Susan Dell are not contributing to wealthy families," he said. "They are contributing. They're not contributing to the top 20%."
Trump said Wednesday the accounts should reach "at least $50,000 by the time a child turns 18 "and could be very substantially more than that."
"With slightly greater contributions, the typical account will grow to $100,000, $200,000 and it could even grow up to past $300,000 per child," Trump said.
At one point, Trump called rapper Nicki Minaj up on stage, thanking her for "investing hundreds of thousands of dollars in Trump Accounts."
As she made her way to the stage, Trump admired her fingernails, saying, "I'm gonna let my nails grow, because I love those nails. I'm going to let those nails grow."
Trump touted some of the CEOs in attendance and called on more companies to invest in the accounts.
"I'm officially calling on all employers all across America to follow the lead of many of these amazing companies and make matching Trump Account contributions to benefit for the American worker."
Trump said the accounts will help middle-class Americans build wealth, and that the wealth they build for America's youth will overshadow any government program dedicated to children.
"The size and scale of this wealth will dwarf all government programs ever created to benefit America's youth," Trump said.
"We're giving them ownership of America's future so that they can grow up to their own destiny and make our nation greater and stronger and better than ever before," he said.
"Decades from now I believe the Trump accounts will be remembered as one of the most transformative policy innovations of all time," he said.
