Former U.S. President Donald Trump has announced a new policy aimed at children born in the United States. Under this proposal, the federal government will open a free investment account worth $1,000 for every American citizen born between January 31, 2024, and December 31, 2029. These accounts will be known as "Trump Accounts."

Trump stated that this $1,000 will be deposited into a tax-deferred account, and the account will be managed by the child’s parents. Additionally, parents can contribute up to $5,000 annually to the account under private contributions. The aim is to support the long-term financial development of future generations. Interest will continue to accrue in the account until the child turns 18.

To be eligible, at least one of the child’s parents must submit a valid work authorization along with a Social Security Number. The bill has already been passed in the House of Representatives and is now awaiting approval in the Senate, where some opposition is expected.