The New York Stock Exchange will be opened from the Oval Office next week to mark the launch of Trump Accounts, a new savings program for children. White House economic adviser Kevin Hassett announced the ceremony, which will celebrate the new program.
Trump Accounts Details
Trump Accounts are IRA-style savings accounts for eligible children, providing parents of children born between 2025 and 2028 with $1,000 to invest. The accounts will grow tax-deferred, and the money may not be tapped before a child turns 18.
Families will be able to start contributing to the accounts on July 4. The program aims to give every child born in the US a stake in the game, according to Hassett.
Expansion to Foster Care
Initially, the program did not include children in foster care, as the accounts must be opened by an authorized individual, typically a parent or legal guardian. However, after child welfare advocates brought the issue to first lady Melania Trump’s office, the program was expanded to include children in foster care.
The first lady announced the updated guidance, allowing state child welfare agencies and foster youth representatives to set up the accounts for children in foster care.
Original reporting: KTVZ (Central Oregon) — read the source article.
