A new savings program named after the president begins accepting deposits this weekend, offering families a government-funded investment vehicle for children born during Donald Trump's second term.
The accounts, authorized by congressional Republicans and formally titled under the One Big Beautiful Bill Act, open Saturday alongside celebrations marking America's 250th anniversary. Every child born between January 2025 and December 2028 will receive an initial $1,000 government deposit. Parents, relatives, and employers can then contribute up to $5,000 annually.
The Trump administration has embedded personal branding into the program's architecture. The IRS form required to open an account is designated 4547, a reference to Trump's dual presidency as the 45th and 47th commander-in-chief.
Wall Street has been tapped to manage the invested funds. The Treasury Department announced Wednesday that State Street's S&P 500 tracking fund will serve as the default investment option for new deposits. BlackRock and Vanguard will launch additional fund choices later. Bank of New York Mellon and Robinhood are developing a mobile app to administer the accounts.
Control of the accounts passes to children at age 18, allowing them to withdraw funds for education, homeownership, or business ventures. The structure mirrors 529 college savings plans but with broader permitted uses.
Philanthropic backing has fueled expansion beyond the baseline $1,000. Dell Technologies founder Michael Dell and his wife Susan donated $6.25 billion to add $250 to accounts held by 25 million low-income children. Ray Dalio and his wife Barbara contributed funds that will provide an additional $250 to roughly 300,000 children in lower-income areas of Connecticut.
The rollout arrives as Republicans prepare for midterm elections in November, a moment when economic messaging carries particular weight. The party has promoted the initiative as the centerpiece of what GOP lawmakers call the Working Families Tax Cuts Act, citing extended tax rate reductions established last year.
Yet recent polling suggests economic anxiety persists among voters. A PBS News/NPR/Marist survey released last month showed two-thirds of respondents disapprove of the president's economic stewardship.
Author James Rodriguez: "This program is clever politics dressed in generous clothing, but it won't erase the fundamental economic discontent that drives disapproval numbers."
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