WASHINGTON: US President Donald Trump on Wednesday unveiled a new federal initiative called “Trump Accounts, ” saying the programme would provide every newborn American child with a government-funded investment account to give families a financial head start from birth.
Speaking at the Treasury Department’s Trump Accounts Summit, Trump said the initiative would “give every newborn American child a financial stake in the future, ” calling it a way to ensure that children begin life with assets rather than debt.
Under the programme, the US government will automatically create a tax-free investment account for each child born in the country. The account will be seeded with a $1, 000 contribution at birth, Trump said, with additional contributions allowed from parents, employers, states, and other donors.