On Wednesday, President Trump attended the “Trump Accounts Summit” at the Andrew W. Mellon Auditorium in Washington, D.C. The Treasury Secretary, Scott Bessent, confirmed that the “Baby Accounts” policy, aimed at providing seed funds for newborns, has received enthusiastic response from the public, with the number of sign-ups far exceeding expectations within days of its launch.
In his speech at the auditorium, President Trump positioned the “Trump Accounts” (also known as Baby Accounts) program as a new pillar of the “American Dream.” He stated that the $1,000 seed fund is a “gift of lifelong economic independence” from the government to American families, intended to make every child a “capitalist” from birth.
“We are returning the key to wealth back to the people. This $1,000 is just the beginning, and it will grow along with the American economy. We want to ensure that no American child starts life at a disadvantage, and every American newborn will become a ‘shareholder’ of this great nation,” Trump emphasized in his speech.
The Secretary of the Treasury, Scott Bessent, confirmed on-site that the first 600,000 applications were submitted at the start of the tax season, with an estimated total number of eligible families expected to be around 25 million.
Bessent stated, “This is not just a government program, it is a whole new platform that brings us back to a social contract centered on individual ownership.” He urged everyone to take action.
According to the latest guidelines from the IRS, parents and guardians can now opt in by filling out the new IRS Form 4547 when filing their federal tax returns for the year 2025. This form provides two key options: formally opening an account and receiving the government-provided $1,000 “seed fund pilot program.”
This seed fund will be directly deposited into the newly opened “Trump Account,” serving as the child’s first investment in life.
The “Trump Account” (legally known as Section 530A Account) was established last year under the “One Big Beautiful Bill Act” signed by President Trump. Its core policy goal is to address the long-standing issue of lack of savings in American households through the power of compound interest.
All American children born between 2025 and 2028 are eligible to receive the $1,000 seed funding allocated by the Treasury Department.
White House spokesperson Karoline Leavitt pointed out that if a family contributes the maximum annual amount of $5,000, the account assets are expected to grow to nearly $1.1 million by the time the newborn reaches the age of 28.
This fund is generally not allowed to be withdrawn before the child turns 18 to maximize the compounding effect. After reaching 18 years of age, if used for education, purchasing a first home, or starting a business, the account may be exempt from a 10% early withdrawal penalty, allowing this wealth to serve as the young person’s first step into society and asset building.
This policy has not only gained government support but also attracted significant backing from private capital and celebrities:
Entrepreneur Michael Dell and his wife Susan have donated $6.25 billion to add $250 each to the accounts of 25 million children under the age of 10 in low-income areas. Hedge fund magnate Ray Dalio has also announced his support.
Nicki Minaj, known as the “queen of rap,” publicly announced her support for the “Trump Account” program on Wednesday, expecting to encourage her vast young fan base to pay more attention to financial savings.
Several major U.S. companies have pledged to match the government’s $1,000 grant for their employees’ children.
While the government has been actively promoting the program, and Health Secretary Robert Kennedy’s wife, Cheryl Hines, emphasizes that this is a “bipartisan” action for the welfare of the people, polls show that the promotion still faces challenges. According to a survey quoted by Politico, only 14% of Americans can clearly explain the specific details of the “Trump Account.”
The Treasury Department expects that the official website Trumpaccounts.gov will go live in mid-2026, providing a more convenient digital channel for families who missed the tax season deadline to join.
(This article references reports from Reuters and CNBC)