US President Donald Trump has unveiled a policy proposal under his new legislative push—a $1,000 investment account for every American child born between 2025 and 2028.
According to report, the initiative, dubbed “Trump Accounts,” will be given to every US citizen born after December 31, 2024, and before January 1, 2029.
Republicans reportedly changed the name of the programme from ‘MAGA accounts’ to ‘Trump accounts’ before the bill passed the House last month.
The government’s $1,000 contribution would reportedly be placed in an index fund tied to the stock market and managed by the child’s legal guardians.
Speaking at the White House on Monday, the president said 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.”
Trump called the accounts a “pro-family” initiative as he works to rally senators to support his proposed legislation.
“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,” he noted.
The accounts will reportedly be accessible for additional financial contributions throughout the child’s life from family, friends, parents, employers, or other entities, while 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, with full access granted at age 30.
The Trump accounts will reportedly be funded by contributions from private businesses and the heads of Dell, Uber, Altimeter Capital, ARM Corp, Salesforce, ServiceNow, Robinhood and Goldman Sachs were said to have joined the president for the announcement.
Michael Dell, the CEO of Dell Technologies said his company would “match the government’s contributions, dollar for dollar for every child born to a Dell team member.”
“This is investment in our people, their families, our communities and America’s future, and it embodies our core belief that opportunity should begin at birth,” Dell was quoted as saying.
Democrats are reportedly critical of the legislation, which they say will remove millions from Medicaid and add billions to the federal deficit.
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, the report noted.
The president has also stated his hopes to have the bill on his desk by July 4.
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