As a continuation of President Donald Trump ‘s pitch to Americans on affordability and the economy under his administration, the U.S. Treasury and White House are celebrating the upcoming launch of a program they view as a key milestone: “Trump Accounts.”
A provision of Trump’s tax legislation, Trump Accounts are meant to give $1,000 to every newborn, so long as their parents open an account. That money is then invested in the stock market by private firms, and the child can access the money when they turn 18.
A U.S. Treasury event Wednesday brings together an assortment of politicians and celebrities — from Texas Republican Sen. Ted Cruz to rapper Nicki Minaj — to discuss the program and its potential impact on the economy. Backers of Trump Accounts have said they’re a way to help children from low-income households build wealth.
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