Treasury Secretary Scott Bessent said in an interview that “Trump Accounts” established by the administration can be used for any purpose.
For children born between 2025 and 2028, the government will deposit $1,000 into their accounts as a one-time payment under a plan established in the Republican-backed One Big Beautiful Bill Act, which President Donald Trump signed into law earlier this year. Parents or guardians can start contributing to those accounts starting on July 4 of next year.
“It will be invested in a widely diversified, low-cost index, and then it will be available,” Bessent told CBS News’ “Face the Nation” on Sunday.
“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.”…