the One Big Beautiful Bill Act<\/a>, the signature domestic policy measure of Trump\u2019s second term that congressional Republicans passed last year, the accounts will be controlled by parents and guardians until their children turn 18, after which they will take responsibility and be able to use saved-up funds to pay for college, buy a home or start a business.<\/p>\nMoney in the accounts is intended to be invested in funds that track major Wall Street indices, and on Wednesday, the US treasury department announced that all deposits would by default go into a fund managed by the investment bank State Street that tracks the S&P 500 index. Funds managed by the world\u2019s largest asset manager BlackRock and Vanguard will become available later on, the Treasury said.<\/p>\n
Earlier this year, the department announced that Bank of New York Mellon and Robinhood, a trading platform that allowed amateur investors to easily play the market and enjoyed soaring popularity during the Covid pandemic, would develop an app to manage the accounts.<\/p>\n
The government\u2019s effort has attracted donations from billionaires, including Dell Technologies founder Michael Dell and his wife Susan, who last year contributed $6.25bn so 25 million children under the age of 10 living in poor areas receive an extra $250 into their accounts. Hedge fund manager Ray Dalio and his wife Barbara donated so that about 300,000 children living in lower-income areas of Connecticut receive an additional $250.<\/p>\n
GOP lawmakers have referred to last year\u2019s bill as the \u201cWorking Families Tax Cuts Act\u201d, and argued that families have benefited from lower tax rates that it extended indefinitely.<\/p>\n
However, recent polls have found the US president to be underwater with voters on his handling of the economy. A PBS News\/NPR\/Marist survey<\/a> released last month found that two-thirds of respondents disapproved of his performance on the issue.<\/p>\n","protected":false},"excerpt":{"rendered":"Trump accounts, a savings vehicle named after the US president and authorized by congressional Republicans, are set to…\n","protected":false},"author":2,"featured_media":532610,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-532609","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/532609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=532609"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/532609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/532610"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=532609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=532609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=532609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}