Trump Rings Opening Bell as New Child Savings Accounts Roll Out Nationwide

President Trump launched his new child savings account program from the Oval Office Monday, ringing the bell to open trading on the New York Stock Exchange to mark the occasion.

The accounts, known as Trump Accounts, will give every child in America an investment account funded through a mix of government contributions and outside donations. Trump said over 500,000 children already received their first deposits on July 4th.

"On Saturday, July 4th, our administration deposited one time seed contributions, $1,000 each, into the Trump accounts of over 500,000 American children," Trump said. "It's a lot, and millions more will be getting additional contributions."

Michael and Susan Dell have donated more than $6 billion to help seed the accounts, and Trump said during his remarks that the funds could set kids up to become wealthy over time.

Trump also addressed the accounts carrying his name, saying it wasn't his idea. "I knew that this was happening, but I didn't know. All of a sudden they see my name on it in the bill," he said. "They think it would sell. They said it'll sell better if your name's on it. I said, look, leave it on, but I did not ask for it."

Trump summed up the goal of the program in his closing remarks. "Trump accounts are about giving every American child a stake in America's future and getting some of the upside," he said.