President Donald Trump says Trump Accounts could hoist children out of poverty and give more Americans the chance to benefit from investments in the stock market. But some parents say they're still waiting for the money to arrive. This was reported by Qazaqyia.kz citing Associated Press.
Trump on Wednesday plans to speak at a Georgia high school to promote the investment accounts, which offer $1,000 in seed money to every child born during his second term. The accounts went live July 4, two days before Trump rang the opening bells for both the New York Stock Exchange and NASDAQ from the Oval Office.
The tax-advantaged accounts, created last year through Trump's signature One Big Beautiful Bill, can be opened for any child under the age of 18. The Treasury Department boasts 6.5 million sign-ups for Trump Accounts, with 1.5 million of those eligible for the $1,000 seed funding for babies born from 2025 through 2028.
Boosters of the program say it's a chance to give more Americans a stake in the stock market. They hope it will stem the rising popularity of democratic socialists, who seek to raise taxes on corporations and the wealthy to ease the cost of things like food and healthcare for low-income and middle-class Americans.
After the Trump Accounts are set up, parents, relatives, friends and employers can contribute to them. Some billionaires have also pledged philanthropic contributions. The money is turned over to private firms that invest it in index funds, a type of mutual fund that tracks the performance of the stock market. The money can't be accessed until the child turns 18, and only then for specific purposes, such as going to school, opening a business or buying a home.