US president launches 'Trump Accounts' investment program for children

US President Donald Trump on Monday officially launched the federal government's “Trump Accounts” program, describing it as "a very exciting and amazing achievement" that he said would help children build wealth from an early age.

Speaking from the Oval Office as he ceremonially rang the opening bells for the New York Stock Exchange and Nasdaq, Trump announced that the investment accounts are now active and beginning to track the performance of the US stock market.

"After a truly historic weekend celebrating the 250th anniversary of America, today we're thrilled to officially launch the Trump Accounts," Trump said, referring to Saturday’s US Independence Day.

The president said the initiative is intended to expand investment opportunities for American children, particularly those from families with limited financial resources.

"Think of it, children that are born without money, without any money ... They can become very wealthy children at 18," Trump said.

"So today, 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 right now," he added.

The launch follows the Treasury Department's announcement on Saturday that the Trump Accounts platform is now fully operational nationwide.

The program allows eligible families to open investment accounts for children born between 2025 and 2028, view balances, make contributions, and monitor investment performance through a mobile app and online portal.

The Treasury Department also said there is no cost to open a Trump Account and that employers, charitable organizations, and government entities can make contributions on behalf of eligible children.