President Donald Trump unveils new $1,000 baby initiative in the U.S.
President Donald Trump has unveiled his administration's new $1,000 investment accounts for babies born during his tenure in office.
The 'Trump accounts' will be given to every U.S. citizen born after December 31, 2024, and before January 1, 2029.
The government's $1,000 contribution would be placed in an index fund tied to the stock market and managed by the child's legal guardians.
During an event 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'.
Named after himself, Trump called the accounts a 'pro-family' initiative as he works to rally senators to support his proposed legislation.
It is not the first time that Trump has made sure it's his name that Americans see on a financial statement. He also put his name on stimulus checks the government sent to millions of Americans during the Covid pandemic.
Republicans changed the name of the program from 'MAGA accounts' to 'Trump accounts' before the bill passed the House last month.
The Trump accounts will be funded by contributions from private businesses.
Heads of Dell, Uber, Altimeter Capital, ARM Corp, Salesforce, ServiceNow, Robinhood and Goldman Sachs joined the President for the announcement.
The accounts will also be accessible for additional financial contributions throughout the child's life from family, friends, parents, employers, or other entities.
Trump noted: '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.'
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. The full balance would be available at age 30.
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'.
He said: '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.'
Democrats are 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.
Trump has said he'd like to have the bill on his desk by July 4.
Some of his own family will benefit. The President's daughter Tiffany Trump and her husband Michael Boulos had their first child - a baby boy - on May 15, 2025.
If the pilot program gets approved, Alexander Trump Boulos would qualify for it.
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