President Donald Trump on Wednesday hailed what he called the “historic” enrollment of 70 million American children into his Trump Accounts<\/a>, calling them \u201ca step to ensure every American child has a fair shot at the American Dream.\u201d<\/p>\n The administration announced that beginning on Oct. 1, the Treasury Department automatically enrolled 60 million children under age 18 in the president\u2019s signature investment accounts in addition to the 10 million whose parents opted into the accounts following their official release on July 4.\u00a0<\/p>\n \u201cWith automatic enrollment now complete, every American child under the age of 18 has a Trump Account in their name, making it easier than ever for families to participate,<\/strong>\u201d White House spokeswoman Taylor Rogers said in a statement.<\/p>\n Children hold a banner as President Donald Trump makes an announcement regarding personal investment accounts for children in the Oval Office at the White House in Washington, October 7, 2026.<\/span><\/span><\/span><\/p>\n Jonathan Ernst\/Reuters<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n According to the administration, $2.2 billion has been deposited into the accounts since their release on July 4. The Treasury Department pledged to pour a one-time $1,000 seed contribution for each child born between Jan. 1, 2025 and Dec. 31, 2028. Children born outside of that range will not receive the seed contribution from the Treasury \u2014 but their family members and acquaintances are able to deposit money into the accounts. Several corporations \u2014 including Uber and Nvidia \u2014 and philanthropists \u2014 such as Dell Technologies CEO Michael Dell and his wife, Susan, who seeded the program<\/a> with a $6.25 billion contribution, also donated to the accounts.<\/p>\n Trump, encircled by Treasury Secretary Scott Bessent, Economic Council Director Kevin Hassett, and the Dells, predicted, “So if all goes well, which I think it will, they’ll end up being quite rich by the time they’re 18 and then 21.”<\/p>\n Trump said in January when he announced the initiative that a number of major U.S. companies pledged to match the federal government’s initial contribution for eligible employees’ children, including Charles Schwab, Robinhood, SoFi, Uber, Charter Communication and BNY, and that several others had agreed to make contributions.<\/p>\n In a notice published in the Federal Register, the Treasury Department said that auto-enrollment was geared to maximize children\u2019s participation in the accounts, estimating that an additional 2 million children would benefit from the accounts every year as a result.\u00a0<\/p>\n \u201cAn eligible individual should not lose the opportunity to receive contributions or investment growth merely because no adult completed an election,\u201d the Treasury wrote in the\u00a0notice<\/u><\/a>.<\/p>\n President Donald Trump makes an announcement in the Oval Office at the White House in Washington, October 7, 2026.<\/span><\/span><\/span><\/p>\n Jonathan Ernst\/Reuters<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n Starting Oct. 1, parents no longer have to opt-in to the accounts, but can claim their children\u2019s accounts on the Trump Accounts app.<\/p>\n According to the administration, the accounts are designed to boost future financial security for the most recent generation of Americans, with each child gaining access to the account in their name once they reach the age of 18. They can then allocate the funds in the account solely for purposes designated by the Treasury Department \u2014 including paying for university tuition or purchasing a house.<\/p>\n Some Democrats have praise the program. Maryland Gov. Wes Moore called it a “smart policy,” and California Gov. Gavin Newsom, who called it “one of the best things [Trump] has done.”<\/p>\n Democratic Sen. Cory Booker of New Jersey and Democratic Rep. Ayanna Pressley of Massachusetts introduced a similar proposal in 2023, which would have provided each American child with $1,000 at birth in an account that they could access at age 18, but it didn’t make it out of committee. Booker also supported Trump’s proposal.<\/p>\n<\/div>\n![\"Ayanna](\"https:\/\/i.abcnewsfe.com\/a\/f67debe8-71fb-4901-ad0a-1f6df211646b\/donald-trump-6-rt-gmh-261007_1791394249915_hpMain.jpg?w=375 "\\"Ayanna")
<\/picture><\/div>\n<\/div>![\"Charles](\"https:\/\/i.abcnewsfe.com\/a\/c282f12e-7e52-42fa-a9d4-7af4cbe9b999\/donald-trump-5-rt-gmh-261007_1791392924862_hpMain.jpg?w=375 "\\"Charles")
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