Trump, CEOs to unveil savings accounts for newborns
Elon Musk and President Donald Trump shake hands during a news conference in the Oval Office at the White House on May 30, 2025. Musk ended his work with the Trump administration and last week criticized his budget bill. File Photo by Francis Chung/UPI | License Photo
June 9 (UPI) -- President Donald Trump on Monday afternoon will meet with several companies' chief operating officers in a roundtable about plans to collectively invest several billion dollars into savings accounts for the children of their employees.
The "Invest America" event is scheduled to take place at 2 p.m. EDT in the White House.
The CEO participating are Michael Dell of Dell Technologies, Brad Gerstner of Altimeter Capital, Rene Haas of Arm Holdings, Parker Harris of Slack and Salesforce, William McDermott of ServiceNow, Dara Khosrowshahi of Uber, David Solomon of Goldman Sachs, Vladimir Tenev of Robinhood.
The pilot program would seed index fund accounts with $1,000 in Treasury Department funds for U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028. Companies can also contribute to the tax-deferred accounts.
Once a child turns 18, money can be used for education expenses or credentials, down payment on a first home or capital to start a small business.
Sen. Ted Cruz, R-Texas, said the accounts give children "the miracle of the compound growth, the ability to accumulate wealth, which is transformational."
The funds will track the overall U.S. stock market. Additional contributions of up to $5,000 per year will be allowed. The accounts would be controlled by children's guardians until they turn 18.
The pilot program is similar to other savings account options, including 529 college savings plans, which also have contribution limits.
Some already offer a type of "baby bonds" program for parents.
The federal savings program was previously referred to as "Money Accounts for Growth and Advancement" or "MAGA Accounts."
The provision is part of the massive budget bill passed narrowly by the U.S. House last month and has moved to the Senate. Republicans want the bill signed by Trump before the Fourth of July.
"The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, and by creating this incredible new 'Trump Account' program, which will put the lives of young Americans on the right financial path!" White House press secretary Karoline Leavitt told CNBC in a statement.
The legislation includes an extension of expiring tax cuts from 2015 and money for immigration.
Some Republicans, as well as Elon Musk, who ran the Department of Government Efficiency, want to add to the deficit. The Congressional Budget Office projects it will increase federal deficits by about $2.4 trillion over a decade.
"I didn't go out to craft a piece of legislation to please the richest man in the world," House Speaker Mike Johnson, R-La., said in response to Musk's criticisms in an interview with ABC News on Sunday. "What we're trying to do is help hardworking families who are trying to make ends meet."
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