The Treasury Department is set to host a Wednesday summit ahead of the launch of “Trump accounts” for newborn babies.
White House press secretary Karoline Leavitt, rapper Nicki Minaj, Sen. Ted Cruz (R-Texas), Rep. Jason Smith (R-Mo.) and Cheryl Hines are set to attend.
“The summit marks a key milestone in the administration’s broader effort to strengthen long-term financial security, expand access to capital, and promote economic opportunity for American families,” according to a release from the Treasury Department.
“Administration officials are expected to outline next steps for implementation and public engagement during the summit,” it adds.
Under the “Trump accounts,” children in the United States with a Social Security number born between Jan. 1, 2025, and Dec. 31, 2028, will be given a stock market account with a one-time $1,000 deposit from the Treasury that will grow similarly to individual retirement accounts, or IRAs, according to the IRS.
Parents or guardians can start contributing to accounts starting July 4, 2026, and deposit up to $5,000 per year.
“So, in essence, it is a trust fund. It is a piece of the American economy for every child, and they will be able to take it out when they’re 18, or they can convert it to a more IRA-type program and keep it for their retirement,” Treasury Secretary Scott Bessent told host Margaret Brennan during a December appearance on CBS News’s “Face the Nation.”
“This is going to bring a whole group of new investors into the market,” Bessent added. “We’re going to couple it with a big amount of financial literacy, so that children understand what they own.”
