Donald Trump rang the opening bell for the New York Stock Exchange and Nasdaq on Monday as he touted the launch of “Trump accounts” — federally-backed investment accounts for American children.
Flanked by Cabinet officials and a group of children in the Oval Office, Trump rang a replica of the bell placed on the Resolute Desk at 9:30 as the trading floors opened.
“With the ringing of the opening bell for the stock market, those accounts will now begin to grow right along with our booming economy,, and I really believe we’re going to have the biggest boom of all,” Trump declared from behind a lectern in the Oval Office. “Between individual contributions and the seed funds, $800 million in new capital will be invested in the stock market for America’s children this week.”
“We’re giving this money to children so they can have a good life,” Trump added. “Parents, loved ones, churches and generous companies and individuals will be able to contribute funds to these accounts to grow throughout the childs’ life. And again, if we have a good market, like we do now, they’re going to become– actually, very rich. They’ll have hundreds of thousands of dollars.”
All American children born after January 1, 2025 with valid Social Security numbers are eligible for the accounts, which will receive a one-time starting boost of $1,000 in seed money from the federal government. The accounts are invested in the stock market and are expected to grow in value before children can access them at age 18 for the purposes of tuition, buying a house or other needs.
Parents can contribute up to $2,500 to the accounts before taxes annually, and the administration is also working to secure investments from major private donors for the funds.
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