U.S. Treasury Secretary Scott Bessent said on July 28 that registrations for “Trump Accounts” have reached about 7 million children, up from 6.5 million earlier this month. Speaking at a meeting of the Financial Literacy and Education Commission, Bessent described the program as “the most successful launch in the history of the U.S. government.”
The Treasury Department said the early registration pace has outstripped other digital platforms and financial products. The program, formally launched on July 4 and also referred to as 530A accounts, is open to all U.S. children under 18 who have Social Security numbers.
Under the plan, children born from 2025 through 2028 are eligible for a one-time $1,000 initial deposit from the Treasury. Parents, guardians and grandparents can also contribute up to $5,000 a year, with the money invested in an exchange-traded fund that tracks the S&P 500. Bessent said the program is intended to bring ordinary American families into the capital markets and create “a new generation of shareholders.” McKinsey previously estimated that broad participation could help U.S. children accumulate roughly $80 billion to more than $900 billion in assets over the next decade, though the final total would depend on participation, ongoing contributions and long-term investment performance.
Registrations for “Trump Accounts” have reached about 7 million children, U.S. Treasury Secretary Scott Bessent said on July 28, calling the initiative “the most successful launch in the history of the U.S. government.”
Bessent made the remarks at a meeting of the Financial Literacy and Education Commission. He said registrations had increased from 6.5 million earlier this month. The U.S. Treasury Department added that the program’s early registration pace has exceeded that of other digital platforms and financial products.
Program launched on July 4 as 530A accounts
Trump Accounts officially launched on July 4. The program, also known as 530A accounts, is open to all U.S. children under the age of 18 who have Social Security numbers.
Under the plan, children born between 2025 and 2028 can receive a one-time $1,000 initial deposit from the Treasury. Parents, guardians and grandparents may also contribute up to $5,000 per year. The funds will be invested in an exchange-traded fund that tracks the performance of the S&P 500.
Bessent says the plan can widen access to investing
Bessent said the program would help ordinary American families enter the capital markets, create “a new generation of shareholders,” and allow families long excluded from Wall Street to participate in stock investing.
Consulting firm McKinsey previously said that, if participation becomes widespread, Trump Accounts could help U.S. children accumulate roughly $80 billion to more than $900 billion in assets over the next decade. That outcome, however, would depend on household participation rates, willingness to keep contributing and long-term investment performance.
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