President Donald Trump announced a major milestone for his signature investment initiative Wednesday, revealing that nearly 70 million American children now have Trump Accounts — a program that has even earned praise from some prominent Democrats.
“Today we celebrate our next historic, and that’s really what it is, step to ensure every American child has a fair shot at the American dream,” Trump said from the Oval Office, according to the White House.
The milestone follows the Treasury Department’s automatic enrollment of more than 60 million children beginning Oct. 1, adding to roughly 10 million accounts established after the program officially launched July 4.
The tax-advantaged investment accounts are now automatically established for eligible American children under 18 with valid Social Security numbers, although parents still need to claim the accounts to manage them and receive certain benefits.
Trump predicted the investments could give children a significant financial head start.
“So if all goes well, which I think it will, they’ll end up being quite rich by the time they’re 18 and then 21,” Trump said Wednesday, according to ABC News.
The administration says more than $4.5 billion has already been deposited into Trump Accounts since their July launch, including federal funding and contributions from families and philanthropists.
Children born between Jan. 1, 2025, and Dec. 31, 2028, who meet eligibility requirements can receive a one-time $1,000 federal contribution. Family members, employers and others can also contribute to the accounts.
Billionaire philanthropists Michael and Susan Dell have pledged $6.25 billion toward the initiative, while dozens of major companies have announced plans to support accounts for employees’ children.
But perhaps more surprising than the scale of the program is who has been praising it.
California Gov. Gavin Newsom, one of Trump’s most prominent Democratic critics and a frequently discussed potential 2028 presidential contender, encouraged families in his state to take advantage of the accounts.
“I’m enthusiastic about encouraging people to get a Trump account,” Newsom said during an August news conference, according to The New York Times.
“It’s one of the best things he’s done.”
Newsom also urged parents to look beyond the Trump branding.
“It’s not Trump’s money,” he said. “It’s your child’s money.”
Maryland Gov. Wes Moore, another high-profile Democrat, has similarly described Trump Accounts as a “smart policy.”
“I will give this administration credit for this, is that we’ve had Democratic presidents and Republican presidents who have not been able to get this done, and it actually got done,” Moore said during a July radio interview, according to Fox News.
Democratic Sen. Cory Booker of New Jersey has also supported the concept. Booker and Rep. Ayanna Pressley (D-Mass.) introduced a similar proposal in 2023 that would have provided American children with $1,000 at birth.
Trump Accounts are not without critics. Some have argued that children from wealthier families could ultimately benefit more because their parents are able to make larger contributions.
Still, the administration says roughly 80% of Trump Accounts belong to children in families earning less than $200,000 annually.
For Trump, Wednesday’s announcement marked a significant expansion of one of his signature domestic programs — and one that has produced an unusual degree of bipartisan agreement.
“With automatic enrollment now complete, every American child under the age of 18 has a Trump Account in their name, making it easier than ever for families to participate,” White House spokeswoman Taylor Rogers said.
Nearly 70 million children now have accounts waiting for them.
And in an increasingly rare occurrence in Washington, some of Trump’s potential political rivals are encouraging families to use them.
