Treasury Automatically Enrolls Over 60 Million Children in Trump Accounts

The U.S. Treasury Department has automatically enrolled more than 60 million American children in "Trump Accounts," a significant expansion of the program aimed at increasing participation, officials announced Thursday.

While enrollment is now automatic, parents and guardians must still claim these accounts and then separately opt in to receive a $1,000 seed contribution from the federal government for eligible children.

"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 told CNBC.

The Treasury proposed regulations earlier this week to allow for the automatic creation of accounts for millions of children, a process that was completed by Thursday, according to the agency.

Trump Accounts, also known as 530A accounts, were launched on July 4 and are available to individuals under 18 who possess a Social Security number. Children born between 2025 and 2028 are eligible for a one-time $1,000 contribution from the Treasury.

However, automatic enrollment does not automatically trigger this payment. Families must use the Trump Accounts app to verify their identity and relationship to the child, review the account information, and accept the account terms. After these steps are completed, eligible families can then choose to receive the government's $1,000 contribution.

This move to automatic enrollment represents a substantial shift from the program's initial opt-in structure, which had raised concerns that many families, particularly those with lower incomes, might not participate.

Derek Reisfield, a finance executive and co-founder of MarketWatch, shared his experience, stating that his own attempt to enroll his son was initially difficult. "I filled out the IRS paperwork twice and was rejected, and then all of a sudden I got an email that I had successfully enrolled my son out of the blue about two weeks ago — which I assume was this process," Reisfield told The Post. He added, "This is a real convenience for people."

As of mid-September, approximately 7 million to 8 million children had been signed up for the program, Bessent had previously informed the House Financial Services Committee.

The Trump Accounts have garnered support from prominent business figures. Michael and Susan Dell have committed $6.25 billion to provide $250 to qualifying children born between 2016 and 2024 residing in ZIP codes with median incomes of $150,000 or less. New Treasury regulations also permit stock donations to Trump Accounts, creating another pathway for significant private contributions. Donated individual stocks must generally remain in the accounts for five years before they can be sold.