WASHINGTON: Trump Accounts will launch July 4, giving eligible newborns $1,000 in government-funded investment accounts, according to The Associated Press.
The programme links the 250th anniversary of the Declaration of Independence to a child savings and investment initiative.
Parents can open accounts for children born during President Donald Trump’s second term and receive the $1,000 government deposit.
Accounts can also be opened for older children who do not turn 18 before the end of the calendar year, but they will not receive the $1,000 payment.
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The accounts are scheduled to open for deposits on July 4, when the US Treasury Department plans to transfer the government bonus, AP reported.
Money deposited by the government, employers, charities or relatives will be invested in the stock market through private firms.
Children cannot access the funds until they turn 18 and may use them only for specific purposes, including a home purchase or education.
Michael Dell, founder of Dell Technologies, and his wife, Susan Dell, pledged $6.25 billion for accounts of some children who do not qualify for the federal $1,000.
Trump said on Truth Social that Micron Technology Chief Executive Officer Sanjay Mehrotra would contribute $250 million.
