Administration to ring stock exchange bells for child savings accounts

The White House will ring the NYSE and Nasdaq opening bells this week to mark the launch of new child savings accounts. More than six million children had already signed up for the accounts before they launched on July 4. The accounts were enacted last year as part of a tax bill.

Enrollment and eligibility Some 1.4 million of the enrolled children were born during the current presidential term, making them eligible for $1,000 in seed money. Senior Treasury Department officials told reporters they will also accept stock contributions in addition to philanthropic donations and employer matches.

Officials are still working on guidance that will allow third parties to host the accounts. They are also considering partnerships with brands, billboards, and medical facilities to increase enrollment.