Key facts
- President Donald Trump is promoting his Trump Accounts program, which provides $1,000 in seed money for children born during his second term.
- The accounts, created through the 'One Big Beautiful Bill,' went live on July 4.
- The Treasury Department reports 6.5 million sign-ups, with 1.5 million eligible for the $1,000 seed funding for babies born from 2025-2028.
- Some parents are experiencing delays in receiving the initial $1,000 deposit.
- The program is designed to give more Americans a stake in the stock market and is similar to 'baby bonds' but available to all income levels.
President Donald Trump is actively promoting his signature 'Trump Accounts' program, which aims to provide $1,000 in seed money for every child born during his second term, with the goal of increasing stock market participation among Americans. The accounts, established through the 'One Big Beautiful Bill,' became available on July 4. The Treasury Department reports a significant number of sign-ups, with millions eligible for the initial funding for babies born between 2025 and 2028.
However, the program's rollout has faced scrutiny as some parents report delays in receiving the promised $1,000. The McLellan family, for instance, applied for their daughter's account in early July and, after initial issues and a lengthy call, were told it could take up to four weeks for the funds to appear, a timeline they found disappointing despite having other investments for their child.
The Treasury Department attributes these delays to standard processing times, comparable to tax refunds, and states that the vast majority of accounts are funded within one to two days. They emphasize that the program aims to 'level the playing field' by offering investment opportunities to all families, not just the wealthy, and tout its popularity.
The Trump Accounts are being promoted amid pressure on Republicans regarding the economy, with President Trump's economic leadership approval ratings being low. The program is framed as a counter to the rising popularity of democratic socialists. Critics, however, point out that the program does not address immediate needs of young children and that the same bill that created the accounts also reduced funding for essential programs like Medicaid and SNAP.