US President Donald Trump on Monday rang the opening bell of the New York Stock Exchange and Nasdaq from the Oval Office to mark the launching of Trump Accounts, a programme designed to give newborn Americans a stake in the stock market.
In a statement, the White House said that the Trump Accounts give every American child a powerful, tax-advantaged path to build generational wealth and own a direct stake in the US economy.
Addressing the ceremony at the White House, Trump said the government had deposited the first $1,000 into more than 500,000 Trump Accounts.
He added that cooperation between NYSE and Nasdaq was something Democrats and Republicans had been unable to replicate.
Nasdaq CEO Adena Friedman and President Nelson Griggs, Intercontinental Exchange CEO Jeffrey Sprecher, and NYSE Group President Lynn Martin were present at the ringing of the bell.
Supporters say the Trump Accounts, designed for US citizens born between 2025 and 2028, will encourage long-term investing and financial literacy, while critics argue families with limited disposable income may be unable to make additional contributions and benefit fully from the accounts.
The programme adds a new savings vehicle to other tax-efficient college savings plans and retirement accounts.
Contributions are automatically invested in a low-cost index fund designed for long-term growth. Account holders take control when they turn 18, at which point they can withdraw the funds or continue investing. Gains will be taxed upon withdrawal.
The plan provides children born without wealth with substantial financial assets, Trump said, and advised against early withdrawal from the accounts in a booming market environment.
Several US companies have pledged support for the programme, with employer matches or additional seed funding.
Participating companies include payment giant Visa, technology company Dell, and media and telecom firm Comcast. Chipmaker Micron has pledged $250 million to support Trump Accounts.
"Trump Accounts are about making every child and every American a capitalist. Every one of our kids is now going to be an owner of the biggest producers in our country," said Republican Senator Ted Cruz of Texas, who took part in the launch.
