President Trump rings NYSE and Nasdaq opening bells to launch new youth savings accounts
Donald Trump rang the opening bells at the New York Stock Exchange and Nasdaq from the White House to announce the start of Trump Accounts, a savings program for children funded by federal seed money and private contributions.
President Donald Trump rang the opening bells of the New York Stock Exchange and Nasdaq from the White House on Monday to mark the launch of a new savings program for children called Trump Accounts. The accounts, created under the One Big Beautiful Bill Act passed by Congress last year, will be initially funded with a $1,000 federal contribution for children born between 2025 and 2028 and can receive up to $5,000 per year from parents or guardians, with an additional $2,500 possible from an employer without affecting taxable income.
"This is about the Trump Accounts, which are absolutely incredible for children. Children at the age of 18, and after, become very wealthy people – come into the world with essentially no money and end up at a pretty young age being very rich," Trump said.
The program invests contributions in low-cost index funds, beginning with the State Street SPDR Portfolio S&P 500 ETF as the default option. Treasury officials indicated that four more exchange-traded funds will be added in the coming months.
Private donors are also contributing; Michael and Susan Dell reportedly provided $6.25 billion in total, including $250 for each child under ten. Goldman Sachs announced a $1,000 contribution for eligible children of its employees.
Trump said the combined individual and seed contributions would bring about $800 million of new capital into the stock market for the children’s accounts this week.