Trump Accounts auto-enroll more than 60 million children
The U.S. Treasury has automatically enrolled over 60 million children in 'Trump Accounts,' a new financial program allowing for government seed money and private stock donations. The program is being implemented ahead of the midterm elections.
Why it matters
The program represents a significant shift in government-backed savings initiatives and has sparked discussion regarding tax policy and private wealth management.
More than 60 million American children under age 18 have been automatically enrolled in Trump Accounts , the U.S. Department of the Treasury said Thursday in an announcement exclusively provided to CNBC.
The Treasury proposed regulations on Tuesday to begin the auto-enrollment process for millions of children this week. By Thursday, the process had been completed , according to the agency.
Trump Accounts, also known as 530A accounts, officially launched on July 4 and are open to any U.S. child under 18 with a Social Security number. Children born from 2025 through 2028 may also claim a one-time $ 1,000 pilot program contribution from the Treasury.
"Millions of children have already enrolled in Trump Accounts. With automatic enrollment, over 60 million more eligible children now have an account ready to be claimed," Treasury Secretary Scott Bessent said.
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