Trump Hails 'Historic' Enrollment of 70 Million Children in Trump Accounts

President Donald Trump announced Wednesday that 70 million American children have been enrolled in his signature Trump Accounts program, a development he described as a "historic" step toward ensuring "every American child has a fair shot at the American Dream."

The Treasury Department automatically enrolled 60 million children under 18 into the investment accounts beginning October 1. This follows the 10 million children whose parents had opted into the program since its official launch on July 4.

"With automatic enrollment now complete, every American child under the age of 18 has a Trump Account in their name, making it easier than ever for families to participate," White House spokeswoman Taylor Rogers stated. The administration reported that $2.2 billion has been deposited into these accounts since their release.

The Treasury Department will provide a one-time seed contribution of $1,000 for each child born between January 1, 2025, and December 31, 2028. While children born outside this period will not receive this federal seed contribution, their family members and others can deposit funds into their accounts. Several corporations, including Uber and Nvidia, along with philanthropists like Michael and Susan Dell, who contributed $6.25 billion, have also made donations.

Trump predicted that "if all goes well," the accounts could lead to recipients being "quite rich by the time they're 18 and then 21."

When Trump initially announced the initiative in January, he stated that major U.S. companies, including Charles Schwab, Robinhood, SoFi, Uber, Charter Communication, and BNY, had pledged to match the federal government's initial contribution for eligible employees' children, with others agreeing to make contributions.

The Treasury Department's notice in the Federal Register stated that auto-enrollment was designed to maximize participation, estimating that it would benefit an additional 2 million children annually. The notice argued, "An eligible individual should not lose the opportunity to receive contributions or investment growth merely because no adult completed an election."

Starting October 1, parents are no longer required to opt-in, but they can claim their children's accounts via the Trump Accounts app. The accounts are intended to enhance future financial security, with children gaining access to their accounts at age 18. At that point, they can use the funds for purposes designated by the Treasury Department, such as university tuition or purchasing a home.

The program has garnered some support from Democrats. Maryland Governor Wes Moore called it a "smart policy," and California Governor Gavin Newsom described it as "one of the best things [Trump] has done."

Senators Cory Booker and Representative Ayanna Pressley had introduced a similar proposal in 2023 that would have given each American child $1,000 at birth in an account accessible at age 18, but it did not advance from committee. Booker has also expressed support for Trump's current proposal.