Trump marks account launch as Treasury sets aside $1.4 billion
Treasury officials said 1.4 million children qualify for $1,000 federal deposits under the new investment account program.
By Daniel Okafor · Business Editor
3 min read
President Donald Trump used a White House bell-ringing ceremony Monday to promote Trump Accounts, a children’s investment program backed by federal seed money and private pledges. Treasury Department officials said more than 6 million children have registered since enrollment opened earlier this year, including 1.4 million who qualify for a $1,000 government deposit.
Fortune reported that Trump rang the opening bell from the Oval Office for both the New York Stock Exchange and Nasdaq. According to Fortune, it was the first time a sitting president rang the stock market’s opening bell from the Oval Office and the first joint opening by the two exchanges.
Treasury officials told reporters that the government has earmarked about $1.4 billion for eligible accounts. Officials said the $1,000 deposits are funded through the Working Family Tax Cuts law passed last year.
Who qualifies for the federal money
Treasury officials said the federal pilot deposit applies to children born from Jan. 1, 2025, through Dec. 31, 2028. Children outside that birth window may register for Trump Accounts, but Treasury officials said they do not qualify for the $1,000 federal payment.
On the call with reporters, a Treasury official said eligible children with activated accounts could see the $1,000 on launch day. The official said other contributions would be invested on July 6 because markets were closed on July 4.
Families may also contribute their own money to the accounts, according to Fortune. Fortune reported that Trump said in February a child could reach $270,000 by age 18 if a family made the maximum yearly contributions.
Private money and outreach
Treasury officials also discussed children who are not covered by the federal pilot payment. Fortune reported that Michael and Susan Dell have pledged $6.25 billion to put $250 into accounts for about 25 million children age 10 and under in ZIP codes where median income is below $150,000.
Treasury officials said the department has booked billboards across the country to promote the accounts. One official said the department also expects brand partnership announcements and outreach aimed at families with newborns and babies in medical facilities.
Fortune reported that as many as 20 states are weighing ways to fund accounts themselves. Treasury officials have also encouraged employer matches, according to Fortune.
Treasury has selected the State Street SPDR Portfolio S&P 500 ETF as the default investment for each account, Fortune reported. The outlet described the selection as a low-cost index approach consistent with Warren Buffett’s long-running advice for ordinary investors.
Executives and officials attend
Fortune reported that the Oval Office event included Michael and Susan Dell, Altimeter Capital CEO and Invest America founder Brad Gerstner, Sen. Ted Cruz, Treasury Secretary Scott Bessent, SEC Chair Paul Atkins, NYSE President Lynn Martin and Intercontinental Exchange CEO Jeffrey Sprecher.
Trump said at the event that his administration had deposited $1,000 into more than 500,000 children’s accounts on July 4, according to Fortune. He said the accounts could help children born without money build wealth by age 18.
Trump also urged people to buy Dell computers during the event, Fortune reported. Dell Technologies shares rose more than 7% after his remarks, according to Fortune.
This story draws on original reporting from Fortune.