WASHINGTON—The U.S. Department of the Treasury said it has completed automatic enrollment for Trump Accounts, extending access to tax-advantaged investment accounts for eligible American children under age 18.
Treasury said more than 60 million additional children now have accounts ready to be claimed following the completion of automatic enrollment.
“Millions of children have already enrolled in Trump Accounts. With automatic enrollment, over 60 million more eligible children now have an account ready to be claimed,” Treasury Secretary Scott Bessent said.
Trump Accounts are designed to give children a long-term investment vehicle that can receive contributions from parents, relatives, friends and employers.
Under the program, every eligible child under 18 with a valid Social Security number now has an automatically enrolled account. A parent or guardian must claim the account before it can be managed or receive contributions.
Parents and guardians can claim an account through the official Trump Accounts app, available for iOS and Android. The process requires users to verify their identity and relationship to the child, confirm the child’s information and accept the account terms.
Treasury said eligible children must have their accounts claimed to receive the program’s one-time $1,000 seed contribution from the federal government.
The department said the automatic enrollment milestone is intended to expand access and create additional opportunities for families and philanthropic organizations to contribute toward children’s long-term financial security.