The New York Stock Exchange will open from the Oval Office next week to mark the opening of Trump’s accounts, White House economic adviser Kevin Hassett said Monday.
“Next week we’ll have a big opening ceremony where Nasdaq and the New York Stock Exchange will ring the bell together for the first time from the Oval, and they’re doing it to celebrate the earnings,” Hassett, director of the National Economic Council, said on CNBC.
CNN has reached out to the White House for more details.
Families will be able to start contributing to accounts that will provide parents of children born between 2025 and 2028 with $1,000 to invest on July 4th.
Hassett praised the reports, which he said give every child born in the U.S. “a stake in the game,” and suggested it would also have a political effect.
“Essentially, I think it’s hard to be a socialist if you have capital, and so I think the political impact of this dynamic will be enormous,” Hassett said.
President Donald Trump and his allies have seized on the recent electoral success of several Democratic Socialist candidates to draw a contrast with the Republican Party ahead of the November midterm elections.
Trump accounts are IRA-style savings accounts for eligible children. They are similar to traditional IRAs in that the money in the accounts will grow tax deferred. But the rules for Trump accounts differ when it comes to contributions, withdrawals and approved uses of the money. Additionally, the money cannot be used before the child turns 18.
The accounts were not originally intended for children in foster care – because they must be opened by an “authorized person” who usually a parent or other family member listed as the legal guardian—until child welfare advocates raised the issue with First Lady Melania Trump’s office.
The first lady, who has used her second term in part to shine a light on children in the foster care system, appeared at the Treasury Department earlier this month to announce “Fostering the Creation of Future Accounts” and propose updated guidance that allows state child welfare agencies and foster youth representatives to create accounts for these children.