Trump rolls out the red carpet for babies born while he's the president
Bank of America and JPMorgan Chase joined in as the president pulled out all the stops to promote his namesake investment accounts for newborns
Musician Nicki Minaj (L) joins U.S. President Donald Trump on stage during the Treasury Department's Trump Accounts Summit at Andrew W. Mellon Auditorium on January 28, 2026 in Washington, DC. (Win McNamee/Getty Images)
WASHINGTON — President Donald Trump trumpeted a new government initiative to give newborns their first taste of American capitalism. It’s such a hot program, he said, that even those who usually despise him are signing up.
“People that truly hate me are making this investment,” Trump said in Wednesday’s 45-minute freewheeling speech punctured by his usual braggadocio. “They like me more in the last year than they liked me before.”
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He was the keynote speaker in the Treasury Department’s one-day summit in downtown Washington D.C. to promote the so-called “Trump Accounts,” established in last year’s tax package to provide $1,000 for some babies born in Trump’s second term.
It represented the latest iteration of Trump’s troubled push to address affordability concerns among voters, who face rising costs and a "jobless boom." The president rolled out the red carpet for children born between Dec. 31, 2025 to Dec. 31, 2028.
Scores of Republican senators, lawmakers, administration officials, and business executives populated an event that applauded capitalism and admonished socialism. Many argued the “Trump accounts” program clears the path for game-changing investments to give children a financial leg up later in life.
The attendance of one celebrity in particular grabbed the president’s attention: rapper Nicki Minaj. Earlier on Wednesday, Minaj announced that she was contributing up to $300,000 to her fans’ investment accounts without giving specifics on who qualifies.
Trump invited her onstage, and Minaj quickly declared herself to be his “number one fan.” She defended the president against critics.
“The hate, or what people have to say, it does not affect me at all,” Minaj said. “It actually motivates me to support him more, and it’s going to motivate all of us to support him more.”
Kevin O’Leary, a TV personality from Shark Tank, and Cheryl Hines, a “Curb Your Enthusiasm” star and wife of Health and Human Services Secretary Robert Kennedy, also spoke at the summit.
Trump estimated that “typical accounts” for most kids will contain at least $100,000 once they turn 18. The White House Council of Economic Advisors, though, has projected that if no contributions are made, the amount will actually be $5,800 at age 18.
How Trump Accounts work
The federal government is responsible for seeding the investment accounts, which will be channeled into low-cost U.S. stock index funds. Beneficiaries can withdraw the cash starting at age 18 under limited circumstances such as paying for college.
They gain full control over the money at age 30. Parents, employers, philanthropists and others can chip into the accounts each year. The program is set to kick off on July 5, the day after the U.S.’s 250th anniversary of its independence.
Treasury Secretary Scott Bessent said 600,000 families had signed up already for the program using IRS Form 4547 — named after the president’s two terms in office.
Two major banks joined the growing list of U.S. companies matching federal contributions for their employees. Both JPMorgan $JPM Chase and Bank of America $BAC separately announced on Wednesday they’re signing onto the program.
“We’re making it easier for them to start saving early, invest wisely, and plan for their family’s financial future,” Dimon said in a press release. The announcement came less than a week after Trump filed a lawsuit against Dimon for allegedly closing his bank accounts in the wake of the Jan. 6 insurrection.
“I don’t think Jamie likes me too much now, but that’s okay,” Trump said at one point in his speech. “I never minded that.”
Others extolled the Trump-backed initiative as medicine to reverse capitalism’s slipping support, particularly among young people. Just over half of Americans viewed capitalism favorably in a Gallup poll released in late 2025, its lowest marks in 15 years.
“This is the antidote. This is a firewall in defense of free markets and capitalism and democracy... it's not only the right thing to do on a moral basis, to get everybody else into the game, but it's in the best interest of our country,” Altimeter CEO Brad Gerstner said in a panel conversation.
Earlier in the day, Gerstner told CNBC he’d be donating cash for the investment accounts of kids born in Indiana. He didn’t provide details on the sum or specifics on who qualifies, other than to share that the money would flow to children under age five.
Other billionaire philanthropists made identical commitments earlier this year. Dell $DELL Technologies CEO Michael Dell and his wife, philanthropist Susan Dell, announced a $6.25 billion donation to seed millions of investment accounts with $250 each.
Experts, though, have pointed out there are fewer benefits to Trump accounts compared to other savings accounts that already exist, like a 529 plan. There’s also concern children aren’t automatically enrolled into the program, since families who are too poor to pay income tax aren’t able to check off a box on an IRS form.