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President Donald Trump on Wednesday is rolling out his investment accounts for babies in the United States, with more than 500,000 families already signed up, top officials said.
The White House is setting up these investments account for newborns in the next three years with initial government investment, a push for Trump and his Republican Party to address affordability concerns ahead of the November midterm elections.
The accounts - named after Trump - were created last year under the president’s One Big Beautiful Bill act, his party’s signature tax and spending legislation.
The U.S. Treasury says it will deposit $1,000 into investment accounts for all children born between 2025 and 2028, with some 25 million families estimated to be eligible.
The government is encouraging families to make additional contributions to these accounts, and some private investors have already contributed more, like the $6.25 billion investment by entrepreneur Michael Dell and his wife Susan.
White House press secretary Karoline Leavitt said at a Wednesday event in Washington to roll out the accounts that they would address the lack of saving accounts for many American families.
She said if families contribute the maximum $5,000 each year the account will accrue almost $1.1 million by the time the newborn turns 28.
The Trump administration is also pushing these accounts as a bipartisan win. “It’s not about red or blue politics,” Cheryl Hines, actress and wife of Health Secretary Robert Kennedy, said at the event, which Trump ill address.
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View AllA poll by Exclusive Public First showed that 57% of Americans had never heard of a Trump account, while another 25% said they had heard of it but could not explain it, Politico reported. Only 14% had heard of the accounts and could explain them.