President Trump announced the completion of automatic enrollment for all children under the age of 18 into a Trump Account, his signature savings accounts for youth.
“Since launching in July, nearly 8 million accounts have been created in three months,” the president said.
“With today’s announcement, we’re building on that success by 70 million accounts — or children across America — and they’ll all be enrolled into the Trump accounts. And since July 4th, over 4.5 billion dollars have been deposited in Trump accounts.”
Several children were in the Oval Office with the president for the announcement.
Trump handed out his challenge coins and told them: “You’re so good looking. Stay there. The press can admire you. That’s the way they used to look.”
The automatic enrollment, however, doesn’t mean a child receives the government’s $1,000 seed contribution or that parents control the account.
A parent or guardian must claim the account in order to manage it, allow others to contribute to it, and for eligible children to receive the one-time federal deposit.
Any child born during Trump’s second term can receive the $1,000 contribution.
That can be done through the Trump Account mobile app.
Otherwise the Bank of New York Mellon will act as trustee until the account is claimed.
Even though almost 8 million accounts had been opened, that represented about 10 percent of all eligible American children.
“There are those that say this is one of the most important things that I will have done,” the president said of his signature accounts.
