Key facts
- President Donald Trump intends to automatically create 'Trump Accounts' for up to 70 million American children under 18.
- Altimeter Capital CEO Brad Gerstner, a co-architect of the program, revealed Trump's directive to accelerate account creation.
- The program aims to provide eligible newborns born between 2025 and 2028 with a $1,000 deposit from the U.S. Treasury.
- Currently, the accounts are opt-in, requiring parents to enroll their children.
- Gerstner stated the intention to create 70 million accounts within 90 days, pending regulatory and governmental approval.
President Donald Trump intends to automatically enroll up to 70 million American children under the age of 18 into 'Trump Accounts,' an investment vehicle designed to provide early access to the stock market. This initiative was revealed by Brad Gerstner, CEO of Altimeter Capital and one of the architects behind the program, during an interview on the 'All-In Podcast.'
Gerstner stated that Trump has urged the team to expedite the opening of these accounts to maximize their impact, with the goal of creating 70 million accounts within the next 90 days. This ambitious plan requires collaboration with the U.S. Treasury, the White House, and the Social Security Administration. Eligible newborns born between 2025 and 2028 are slated to receive an initial $1,000 deposit from the U.S. Treasury.
Currently, the Trump Accounts program operates on an opt-in basis, necessitating parental enrollment through an IRS Form 4547 or via the program's website and app. The program, launched on July 4, has already seen significant contributions from private donors and corporate pledges, with American families contributing nearly $125 million in its first five days and over a billion dollars deposited in total.
Advocates for auto-enrollment, including the Urban Institute and researchers from Washington University, have previously highlighted that opt-in programs often suffer from low participation rates, particularly among lower-income families. They argue that automatic enrollment would enhance program efficiency and reach.