Donald Trump rang the bell of the New York Stock Exchange (NYSE) from the White House on Monday to mark the first trading day for Trump accounts, a government initiative that provides children with a $1,000 investment account.
Historic joint opening at White House
The US president hosted leaders from the NYSE and the Nasdaq stock exchange at the Oval Office for a press conference. It was the first joint opening of the exchanges and the first time the bell had been rung at the White House.
“Those accounts will begin to grow along with our booming economy,” Trump said. “We’re giving this money to children so they can have a good life.”
How Trump accounts work
Though the accounts carry Trump’s personal branding, the idea of providing children with a vehicle to compound savings over their childhood long predates the president and has bipartisan support. Congress established the accounts in the One Big Beautiful Bill Act.
“I did not ask for it,” Trump claimed of the accounts being named after him. “I have done that in other cases.”
Accounts established for children born between January 2025 through December 2028 will receive $1,000 from the US federal government. Parents, friends and employers can deposit as much as $5,000 a year into the accounts, which will be controlled by parents and guardians until the child turns 18. After that, the account holder gains control and can use funds for college, buying a home or starting a business.
Investments default to a diversified index fund. Parents can sign up for an account through the IRS.
“They can have a lot of money,” Trump said of the accounts. “We should have acted faster. It’s too bad.”
Wealthy donors contribute billions
Wealthy donors have directed charitable contributions into the funds. Dell Technologies founder Michael Dell and his wife, Susan, contributed $6.25bn for 25 million children under age 10 living in low-income areas, giving each an extra $250 into their accounts. Hedge fund manager Ray Dalio and his wife, Barbara, donated so that about 300,000 children in lower-income areas of Connecticut receive an additional $250.
“We’re going to get him that money back one way or another,” Trump said on Monday, encouraging people to buy Dell computers.
On Monday morning, Gwynne Shotwell, president and CEO of SpaceX, announced she had contributed $350m to the initiative, specifying that her gift will go to children in areas with lower average household incomes, “with a bit more emphasis for those that live near our central Texas home”, she wrote on X. “We have been fortunate in our careers and hope this gift encourages the next generation to continue the journey of enabling humanity to live and fly amongst the stars.”
Trump said he wanted to keep the bell that exchange officials brought to the Oval Office and display it in the new White House ballroom when it is complete.
