Trump Launches Child Savings Account Program with $1,000 Seed Deposits

President Trump officially launched the new Trump Accounts program Monday, introducing investment accounts designed to help American children build long-term savings.

During an event in the Oval Office, President Trump announced that the administration has already deposited one-time $1,000 seed contributions into the accounts of more than 500,000 American children. He said millions more are expected to receive contributions as the program expands.

The investment accounts are intended to grow over time and can receive additional contributions from families, employers and private donors. More than $6 billion in donations has already been pledged for the initiative, including a major contribution from Michael and Susan Dell.

President Trump said the accounts are designed to give every American child a financial stake in the nation's future and noted that the accounts bear his name because supporters believed it would help promote the program.

The announcement also featured the first-ever joint opening bell ceremony involving both the New York Stock Exchange and Nasdaq. Trump expressed hope that the collaboration between the two exchanges would continue.

Sen. Ted Cruz praised the initiative, calling it a transformational program that will automatically enroll children across the country. He encouraged parents to visit the program's website to enroll their children and urged employers and philanthropists to contribute to the accounts.

Source: NBC News