Trump's new move will affect 70 million children in the US
US President Donald Trump announced the completion of automatic enrollment of 70 million American children under 18 into "Trump Accounts," a youth savings program. The expansion follows a July launch that opened about 8 million accounts in three months. The enrollment does not include an immediate financial benefit or automatic parental control.
US President Donald Trump announced the completion of automatic enrollment of all American children under 18 into "Trump Accounts," a youth savings program bearing his name. The announcement comes after a successful launch of the program in July, during which nearly 8 million accounts were opened within three months. Now, the program will expand significantly to include about 70 million children across the US. President Trump noted that since the program's launch on July 4, over $4.5 billion has been deposited into the accounts. The automatic enrollment does not guarantee receipt of a $1,000 government seed contribution, nor does it grant parents immediate control over the account. To manage the account, a parent or guardian must claim it through the dedicated app. Until the account is claimed, Bank of New York Mellon will serve as trustee.