President Donald Trump unveiled Trump Accounts at a summit in Washington, D.C., providing $1,000 seed investments for children under 18 to foster economic ownership. The initiative, backed by Treasury officials and companies, aims to counter socialism by integrating young Americans into the economy. Rapper Nicki Minaj endorsed the program, pledging support for fans' accounts.
At the Trump Account Summit on Wednesday in Washington, D.C., President Trump emphasized giving the next generation ownership of America's future rather than handouts. The program, dubbed Trump Accounts, offers investment accounts for children under 18, seeded with $1,000 from the government, granting them stakes in the American economy from birth. Over the next 15 years, the U.S. Treasury and Fortune 500 companies are projected to channel about $4 trillion into these accounts.
Treasury Secretary Scott Bessent hailed the accounts as 'the triumph of capitalism over socialism,' creating an 'ownership economy' where citizens become shareholders in America's wealth. He described it as the 'greatest merger in world history' between Wall Street and Main Street, predicting it will transform Americans' relationship with the economy. Withdrawals are restricted until age 18, allowing values to grow with economic expansion. Counselor Joe Lavorgna told the Daily Wire, 'People are going to turn to socialism if they aren’t part of the system,' arguing the accounts ensure participation in prosperity.
The program enjoys bipartisan support, though critics contend it may widen wealth gaps, with accounts potentially reaching $5,000 without extra contributions versus $300,000 with parental and employer investments. Bessent dismissed this, noting many families lack $500 for emergencies and pointing to Venezuela and Cuba as examples of true inequality. On launch day, companies like JPMorgan, Bank of America, Intel, and Coinbase announced matching employee contributions, joining prior participants such as Uber and Visa.
Rapper Nicki Minaj, speaking alongside Trump and Kevin O'Leary, called herself 'the president’s number one fan' and pledged funds for fans' accounts. 'If I had access to something like this my whole life would be different,' she said, highlighting hope for bright children without wealthy backgrounds. She added in an X post that early financial literacy gives kids a 'major head start.' The White House positions the accounts as a financial literacy tool, addressing that two-thirds of Generation Z fail basic questions on the Nation’s Personal Finance Index. Projections vary, with full funding potentially growing accounts to $1.9 million by age 28 under IRA rules, and employer contributions tax-exempt.
