President Trump Meets NYSE and Nasdaq Leaders as Child IRA Program Begins

President Trump hosted the heads of the New York Stock Exchange and Nasdaq in the Oval Office on Monday to mark the launch of Trump Accounts. The website went live on July 4, but the Oval Office event served as the official start of the program. nypost.com reported that the accounts function as traditional IRAs for children under 18.

Every U.S. child born between January 1, 2025, and December 31, 2028, receives $1,000 in an account owned by the child, with the seed money provided directly by the Treasury Department. All U.S. children under 18 who hold a valid Social Security Number qualify.

A parent or guardian administers each account and may contribute up to $5,000 per year, while employers may add up to $2,500 annually for an employee or dependent. No withdrawals are permitted before age 18, and early withdrawals are subject to income taxes. nypost.com reported that the accounts follow IRA-style rules with tax-deferred earnings.

Each account is initially invested in the State Street SPDR Portfolio S&P 500 ETF, with additional low-cost index ETFs available including iShares Core S&P 500 ETF and Vanguard Total Stock Market ETF. The Bank of New York Mellon and Robinhood Markets are managing the initial accounts, which may later be rolled over to other providers such as Vanguard.

Parents open accounts by completing IRS Form 4547, checking a box for the seed money, and submitting through the Trump Accounts app, the IRS Individual Online Accounts website, or with tax returns.

Over 50 companies have committed to contribute to accounts for children of their employees. President Trump stated on the account’s website, “This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation.