Donald Trump rang the bell of the New York Stock Exchange (NYSE) from the White House to mark the first trading day for Trump accounts, a government initiative that provides children with a $1,000 investment account.<\/p>\n
The US president hosted leaders from the NYSE and the Nasdaq<\/a> stock exchange at the Oval Office for a press conference on Monday morning. It is the first joint opening of the exchanges, and the first time the bell had been rung at the White House.<\/p>\n \u201cThose accounts will begin to grow along with our booming economy,\u201d Trump said. \u201cWe\u2019re giving this money to children so they can have a good life.\u201d<\/p>\n Though the accounts carry Trump\u2019s personal branding, the idea of providing children \u2013 particularly those born into economic hardship \u2013 with a vehicle to compound savings over their childhood long predates the president and has bipartisan support. Congress established the accounts in the One Big Beautiful Bill Act.<\/p>\n \u201cI did not ask for it,\u201d Trump claimed of the accounts being named after him. \u201cI have done that in other cases.\u201d.<\/p>\n Trump said he wanted to keep the bell that exchange officials brought to the Oval Office, and display it in the new White House ballroom when it is complete.<\/p>\n Accounts established for children born between January 2025 through December 2028 will receive $1,000 from the US federal government. Parents, friends and employers will be able to deposit as much as $5,000 a year into the accounts, which will be controlled by parents and guardians until their children turn 18, after which the account holder gains control and can use saved-up funds to pay for college, buy a home or start a business.<\/p>\n Investments default to a diversified index fund. Parents can sign up for an account through the IRS.<\/p>\n \u201cThey can have a lot of money,\u201d Trump said of the accounts. \u201cWe should have acted faster. It\u2019s too bad.\u201d<\/p>\n Wealthy donors have directed charitable contributions into the funds. The Dell Technologies founder Michael Dell and his wife, Susan, contributed $6.25bn for 25 million children under the age of 10 living in low-income areas, who will receive an extra $250 into their accounts. The 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 \u201cWe\u2019re going to get him that money back one way or another,\u201d Trump said on Monday, encouraging people to buy Dell computers.<\/p>\n On Monday morning, Gwynne Shotwell, the president and CEO of SpaceX, announced she had contributed $350m to the initiative, specifying that her gift will go to children who live in areas with lower average household incomes \u201cwith a bit more emphasis for those that live near our central Texas home\u201d, she wrote<\/a> in a post on X. \u201cWe have been fortunate in our careers and hope this gift encourages the next generation to continue the journey of enabling humanity to live and fly amongst the stars.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Donald Trump rang the bell of the New York Stock Exchange (NYSE) from the White House to mark…\n","protected":false},"author":2,"featured_media":677888,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[84,59,56,54,55],"class_list":["post-677887","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-gb","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/677887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=677887"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/677887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/677888"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=677887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=677887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=677887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}