President Donald Trump touted a provision in his tax bill that would deposit $1,000 into an investment account for babies born in the next few years alongside corporate leaders who said they would aid the effort.
Under the initiative, the federal government would make the one-time contribution into a tax-deferred, low-cost index fund that will track the overall stock market, White House officials told Bloomberg. Guardians of the children would have control over the accounts.
Trump said Monday at a White House event that the accounts would help "countless American children to have a strong start in life."
"In addition to the substantial financial benefits of investing early in life, extensive research shows that children with savings accounts are more likely to graduate high school and college, buy a home, start a business and are less likely to be incarcerated," Trump said. "Trump accounts will contribute to the lifelong success of millions of newborn babies."
Those attending included David Solomon of Goldman Sachs Group Inc., Michael Dell of Dell Technologies Inc., Dara Khosrowshahi of Uber Technologies Inc., Brad Gerstner of Altimeter Capital/Invest America and ServiceNow Inc. Chief Executive Officer Bill McDermott.
Dell said his company would "match the government's contributions, dollar for dollar for every child born to a Dell team member."
"This is investment in our people, their families, our communities and America's future, and it embodies our core belief that opportunity should begin at birth," Dell said.
In a separate statement, Robinhood Markets Inc. said it plans to provide technology and capital resources for the initiative. CEO Vlad Tenev also attended the White House event.
The "Trump Accounts" pilot program is included in the One Big Beautiful Bill that Trump and GOP leaders are trying to push through Congress. Those eligible for the program are US citizens born between January 1, 2024 and January 1, 2029.
"NVIDIA will proudly support this bold initiative by contributing to the accounts of our employees' children," the company's CEO, Jensen Huang, said in a statement provided by the White House. Huang was not listed among the attendees for Monday's event.
