AUSTIN — Lt. Gov. Dan Patrick says he wants to give every newborn in Texas $1,000.

Patrick posted his idea on X on Wednesday morning, saying he will push for legislation in 2027 that mimics the Invest America initiative — also known as “Trump accounts” — created this year as part of President Donald Trump’s Big Beautiful Bill.

“If I see a great idea from the president that helps Texans, my first question is always, ‘Why not do it in Texas, too?'” the lieutenant governor said.

Trump accounts made news Tuesday after Michael and Susan Dell announced they would give $6.25 billion to the Invest America initiative, amounting to about $250 for every child 10 and under who is ineligible for the Trump accounts. Michael Dell is the founder of Dell Technologies Inc. and is estimated to be the 11th-richest person in the world, according to Bloomberg.

Patrick estimated that creating a similar fund for children born in Texas would cost about $400 million a year. He proposed calling it the “New Little Texan Savings Fund.”

“That is about 1% or less of our total state appropriations,” Patrick said. “We will amend the state constitution to add this as a permanent program. This is a great way to return money back to families and to teach the value of savings and compound interest to young Texans.”

Amending the Texas Constitution requires approval from two-thirds of each chamber of the Texas Legislature and a majority of voters.

Like the federal program, Patrick proposed investing the $1,000 into the S&P 500.

Had an 18-year-old born Dec. 3, 2007, been given a $1,000 investment in the popular State Street index fund, SPDR S&P 500 ETF Trust (SPY), on the date of their birth and reinvested dividends, that investment would have grown to $6,344, according to the website Stoculator. Taking inflation into account, the investment still would have more than quadrupled if withdrawn on their 18th birthday.

The federal program would seed each newborn’s account with $1,000. Parents can contribute up to $5,000 per year, and employers can give $2,500 annually. At age 18, the account holder would be able to withdraw funds to pay for higher education tuition, a down payment on a home or startup costs. The accounts would grow tax-free, but the recipient would have to pay taxes on any gains withdrawn.

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