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White House outlines 'Trump accounts' child‑savings plan, says 6.5 million children enrolled
Summary
At a White House briefing, Caroline described the administration's new 'Trump accounts' child‑savings program, saying more than 6,500,000 children are enrolled, that eligible births between 2025‑01‑01 and 2028‑12‑31 will receive a $1,000 Treasury seed deposit, and detailing contribution limits and projected account growth.
Caroline, speaking at a White House briefing, described a new federal initiative dubbed "Trump accounts," saying the program has enrolled more than 6,500,000 children and is intended to expand college and home‑buying opportunities.
"To date, and this is a new stat from the Council of Economic Advisors this morning, more than 6,500,000 American children have been signed up for accounts so far," Caroline said, and added that the administration considers the program a "massively beneficial", "transformational" opportunity for families.
She outlined the program's key provisions: any child under 18 is eligible to have an account opened in their name; children born between 2025‑01‑01 and 2028‑12‑31 will receive a $1,000 seed deposit from the U.S. Treasury; family contributions are capped at $5,000 per year; employers may contribute up to $2,500 per year on a tax‑favored basis. Caroline also cited a government projection that a family that "maxes out" contributions could see an account approach nearly $300,000 by the child's 18th birthday.
The administration framed the accounts as usable for higher education, starting a business or buying a home and encouraged parents and guardians to enroll children and make contributions. Caroline said the accounts are free to open and promoted a mobile app intended to simplify enrollment and management.
Questions from reporters touched on program design and eligibility. When asked whether children born to noncitizen parents would be excluded in light of recent litigation on birthright citizenship, Caroline said the administration would "continue to move forward to, work with Congress" and that as of now the accounts are available to "all American citizen children" (as discussed in the briefing).
The briefing did not provide a legislative citation or regulatory text for the accounts, and reporters did not receive a detailed breakdown of program administration, such as which federal agency will oversee account custodianship or the specific investment options offered. Caroline referred to the Council of Economic Advisors for the enrollment statistic cited and to prior public materials for timelines and supplemental detail.
Next steps: the administration urged families to enroll and said additional guidance and timelines previously provided to the news media would be made available; no binding rule or statutory citation was announced during the briefing.
