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Bessent: 'Trump Accounts' App Launching Today to Track $1K Given to Newborns in the US
Treasury says about 6 million children are already enrolled as the accounts open for contributions on July 4.
- On Thursday, the Treasury Department released a mobile app for Trump Accounts, allowing parents to track investments and access financial literacy modules before contributions officially begin on July 4.
- Established under the One Big Beautiful Bill Act, the initiative grants $1,000 in seed money to children born between January 1, 2025, and December 31, 2028. Treasury Secretary Scott Bessent noted nearly 6 million children already have accounts set up.
- Parents and others can contribute up to $5,000 annually to accounts managed by Bank of New York Mellon Corp. and Robinhood, with funds invested in low-cost stock index funds charging no more than 0.1% in annual fees.
- While President Donald Trump promotes accounts as providing "real assets and a shot at financial freedom," critics argue they may widen the wealth gap by favoring affluent families. Companies including Uber, Intel, IBM, and Nvidia have pledged to match contributions.
- Trump accounts will officially open for investment on July 4, coinciding with the United States' 250th anniversary. Officials estimate accounts could grow to more than $1 million by age 28 with $5,000 in annual contributions.
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49 Articles
The Donald Trump administration officially launched the so-called “Trump Accounts,” a new federal savings and investment program for minors in the United States.
Coverage Details
Total News Sources49
Leaning Left6Leaning Right7Center28Last UpdatedBias Distribution68% Center
Bias Distribution
- 68% of the sources are Center
68% Center
15%
C 68%
R 17%
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