Treasury Secretary Scott Bessent said Wednesday on CNBC’s American Investment Forum that Trump’s account has 5 million children enrolled and 1.2 million are eligible to receive $1,000 pilot program contributions.
A new tax-deferred investment account for kids, enacted by President Donald Trump’s “Big and Beautiful Act,” will officially launch on July 4.
Any U.S. child under 18 with a Social Security number can open a Trump account, while $1,000 in Treasury seed money is available to infants born between 2025 and 2028.
“$1,000 is just a starting point,” Bessent said.
More companies are pledging to match $1,000 in Treasury deposits, and philanthropists in several states have pledged to fund the accounts of eligible families.
After pledging $6.25 billion into Trump’s account last year, the tech company’s CEO, Michael Dell, said Wednesday that more money could be on the way. “We have other participants,” Dell said at the event.
This account can receive donations from multiple sources, including eligible charities and state and local governments.
“You can sponsor a zip code, you can sponsor a school district, an individual school, 10 kids in your neighborhood,” Dell said.
“There are cities that are being talked about…if you do community service, it gets added to your account. If you do well, it gets added to your account,” Dell said.
Bank of New York Mellon will manage the initial account and partnered with Robinhood to develop the Trump Account app, according to a previous announcement.
“It’s basically going to be a platform to invest and teach kids about capital and capitalism,” Dell said Wednesday.
