US Treasury Launches 'Trump Accounts' App for Children's Investment

The U.S. Treasury Department announced today that it has launched "Trump Accounts" in app stores nationwide, advancing a policy initiative aimed at opening investment accounts for millions of children. According to Reuters, this launch represents a key step in implementing the plan, which aims to encourage long-term investment from an early age through government-backed starter accounts. Treasury Secretary Scott Bessent said in a video on the social media platform X: "This groundbreaking new app will allow millions of Americans to easily sign up, fund, and watch their investments grow." These accounts are established under President Trump's "One Big Beautiful Bill Act" and are scheduled to officially launch on July 4th. The U.S. Treasury will deposit $1,000 in seed money for children born between 2025 and 2028 who have a valid Social Security number. Bessent stated that the app was designed in partnership with trading platform Robinhood and custodian bank BNY Mellon. Major U.S. banks, including JPMorgan Chase, Wells Fargo, and Bank of America, as well as payment company Visa, have committed to contributing to the accounts of their employees' children.