The U.S. Treasury Department today held a summit touting the so-called Trump accounts (section 530A accounts) enacted in H.R. 1, at which the President spoke about the benefits of the 4-year pilot program for babies born between 2025 and 2028 under which the government will seed each newborn's account with $1,000.
Much of the President's remarks focused on his larger economic agenda, but with respect to these accounts, he did predict that young people will be able to buy homes, get diplomas and accumulate at least $50,000 by age 18. He also lauded Michael Dell who has agreed to contribute $6.25 billion to the government to seed these accounts.
Other speakers also spoke supporting the benefits of these accounts.
NAIFA President Christopher Gandy said: "The recently-enacted law creating Trump accounts will enable middle and lower-class families to start their children on the road to financial security and, in fact, over time create 'baby millionaires' if families set up these accounts properly and contribute wisely over time. NAIFA looks forward to assisting American families in doing just that."
Read more in a recent column by Gandy on how Main Street families will need guidance from financial professionals in navigating 530As.