Treasury Secretary Bessent Urges Parents to Claim Trump Accounts for Children
Nearly 70 million children under 18 with a valid Social Security number now have Trump accounts established in their names by the U.S. Treasury Department, up sharply from 7 million signups reported the previous week. Treasury Secretary Scott Bessent and state legislators urged parents to claim the accounts and activate the initial $1,000 seed contributions for eligible participants.
Automatic Enrollment Replaces Voluntary Signups
The U.S. Treasury shifted the initiative from a voluntary index-fund investment model to automatic enrollment as of Oct. 1, to broaden access across equity markets, according to the sources. Children born between Jan. 1, 2025, and Dec. 31, 2028, qualify for the $1,000 government-funded deposit. Philanthropic contributions—including gifts from billionaire Michael Dell—fund approximately $250 for children under 18 not covered by the birth-year window.
Families can contribute up to $5,000 annually to the accounts, while employers can add up to $2,500, according to the sources. Wealthy individuals may also fund Trump accounts for others using individual stocks through controlled charities under revised guidelines noted. Gwynne Shotwell, president of SpaceX, pledged more than 2 million shares this summer for children aged 11 to 17 in lower-income areas.
Bessent compared the initiative to Benjamin Franklin’s 1723 arrival in Pennsylvania with a single Dutch dollar, noting Franklin’s final will left 1,000 pounds to help younger generations start small businesses. “Centuries later that conviction finds a new and powerful expression in Trump accounts,” Bessent said. He added that 38 percent of Americans currently hold no investments in equity markets.
Treasury Launches Trump Accounts App for Pilot Program
The U.S. Department of the Treasury launched the official Trump Accounts app on major mobile app stores. Parents and legal guardians who previously submitted IRS Form 4547 will receive activation emails in phases leading up to the official program launch on July 4. Initial activation emails originate exclusively from no-reply@TrumpAccounts.Treasury.gov, and officials advise users to verify communications through the Trump Accounts app or visit trumpaccount.com to prevent fraud.
Eligible children will begin receiving the $1,000 pilot program contribution directly into their accounts starting July 4. Once beneficiaries turn 18, Trump accounts automatically transition into individual retirement accounts. Account holders can use the funds at age 18 for post-secondary education, starting a business, purchasing a home, or maintaining the balance for retirement.
Integration With Social Security and Foster Care
Bessent addressed questions regarding retirement security during his Harrisburg remarks, stating that Trump accounts act as a supplement rather than a substitute for existing federal benefits. “Unequivocally, no cuts in Social Security,” Bessent said. “And, I believe they are the ideal complement.” Beneficiaries maintaining their balances into retirement age will possess a substantial nest egg alongside traditional Social Security payouts.
State and federal officials also outlined provisions for approximately 350,000 foster children nationwide. Bessent stated that the federal government will coordinate with state, county, and municipal authorities to ensure foster youth are enrolled.
Senate Pro Tempore Kim Ward noted that 2.64 million children in Pennsylvania alone are eligible for the program. Families seeking assistance with account setup or identity verification can contact the official Trump Account call center at 1-866-USA-4547.