'Pro-family initiative': Donald Trump proposes $1,000 investment accounts for newborns; gains backing from top CEOs
US President Donald Trump on Monday unveiled a federal initiative to provide $1,000 government-funded investment accounts for American children born between 2025 and 2029.
According to the Guardian, the proposal, part of what Trump calls 'the big beautiful bill,' was announced at a White House roundtable with top business leaders and Republican lawmakers.
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'For every US citizen born after December 31, 2024, before January 1, 2029, the federal government will make a one-time contribution of $1,000 into a tax-deferred account that will track the overall stock market,' Trump said.
Dubbed 'Trump accounts,' the program is designed to give children a financial jumpstart and will allow guardians to make additional contributions of up to $5,000 annually. Trump described the initiative as 'a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation.'
Business leaders at the event, including Michael Dell (Dell Technologies), Dara Khosrowshahi (Uber), David Solomon (Goldman Sachs), and Vladimir Tenev (Robinhood), pledged billions in private contributions for employee families. Trump praised them as 'really the greatest business minds we have today' and said they are 'committed to contributing millions of dollars to the Trump account.'
House Speaker Mike Johnson, also present, hailed the plan: 'It's a bold, transformative policy that gives every eligible American child a financial head start from day one.
Republicans are proud to be the party we always have been. It supports life and families, prosperity and opportunity.'
JUST IN: President Trump Reveals 'Trump Accounts' Proposal For Newborn Citizens
The Trump accounts are part of a sweeping budget bill that passed the House by a single vote, without Democratic support. The legislation faces a tougher path in the Senate, where some Republicans have voiced concerns over its broader fiscal implications.
While Trump insists the bill is 'fully funded through targeted reforms,' including welfare changes and a remittance tax, the Congressional Budget Office last week reported it would add $2.4 trillion to the national debt over the next decade.
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The CBO also projected that 10.9 million more Americans would be without healthcare by 2034 due to cuts to Medicaid and food assistance.
The accounts resemble 529 college savings plans but with lower contribution limits, prompting some financial advisors to question their investment value.
Similar programs have existed elsewhere: the UK operated a Child Trust Fund from 2002 to 2011, while Singapore continues to run a Baby Bonus Scheme with matched savings incentives.
Trump expressed confidence in the long-term benefits of the plan, saying beneficiaries would 'really be getting a big jump on life, especially if we get a little bit lucky with some of the numbers and the economies into the future.'
Speaker Johnson added that failure to pass the legislation would result in 'the largest tax increase in American history,' urging swift congressional action on what he called 'pro-growth legislation' that would 'help every single American.'
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