The U.S. Treasury Department announced Wednesday that 70 million American children under age 18 have been automatically enrolled in Trump Accounts, a tax-advantaged investment program launched by the Trump administration. The initiative, which began auto-enrollment on October 1, covers every child with a valid Social Security number, including the 60 million newly enrolled and 10 million whose parents had previously opted in following the program’s July 4 launch.
Key details of the program include:
- Accounts are held in the child’s name and managed by parents or guardians until the child turns 18, at which point full control transfers to the child.
- Parents must claim the account via the official Trump Accounts app (available on Android and iOS) to activate it, verify their identity, and confirm their relationship to the child. Only claimed accounts will receive a $1,000 seed deposit from the Treasury, available to children born between January 1, 2025, and December 31, 2028.
- Contribution limits for the accounts are set at $5,000 per year, with funds invested in tax-advantaged vehicles. Relatives, friends, employers, and philanthropic organizations may also contribute.
Financial commitments and projections
Since the program’s launch on July 4, more than $2.2 billion has been deposited into the accounts, according to the Treasury. The White House estimates that, assuming average stock market returns, accounts could grow to exceed $1 million by the time a child turns 28 if parents maximize annual contributions. Treasury Secretary Scott Bessent stated in a release that auto-enrollment ensures "over 60 million more eligible children now have an account ready to be claimed."
Funding sources and philanthropic support
The program has received significant private-sector and philanthropic backing, including a $6.25 billion contribution from Michael Dell, CEO of Dell Technologies, and his wife, Susan. Major corporations such as Uber, Nvidia, Charles Schwab, Robinhood, SoFi, Charter Communications, and BNY Mellon have pledged to match federal contributions for eligible employees’ children. The Treasury confirmed that these corporate matches are part of the initial $2.2 billion total deposited since July.
Presidential remarks and administration claims
President Donald Trump hailed the enrollment as a step toward ensuring "every American child has a fair shot at the American Dream." Speaking to reporters, he predicted that, "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." The White House framed the program as a means to provide long-term financial security, with a spokeswoman stating that it "makes it easier than ever for families to participate."
How to claim and manage accounts
Parents or guardians must download the official app, complete identity verification, and confirm their relationship to the child. Once approved, the account is formally claimed, and contributions from third parties become possible. The Treasury emphasized that only claimed accounts are eligible for the $1,000 seed deposit. White House officials described the auto-enrollment process as a way to "expand access to philanthropic contributions" and simplify the path for donors to support eligible children’s accounts.
The administration has positioned the program as part of a broader economic strategy, with Trump stating that it ensures "every member of the next generation will have an investment account and will benefit from our booming economy."