Watch the live stream: Trump, Picent, Nicki Minaj and others speak at the launch of “Trump Accounts”

As a continuation of President Donald Trump’s rhetoric to Americans on affordability and the economy under his administration, the US Treasury and the White House are celebrating the upcoming launch of a program they consider a major milestone: “Trump Accounts.”

Watch the full US Treasury summit live in the video player above.

Under Trump’s tax legislation, Trump’s accounts are intended to give $1,000 to each newborn, as long as their parents open an account. This money is then invested in the stock market by private companies, and the child can access the funds when they turn 18.

Read more: What experts want you to know about Trump’s accounts and massive new donation

Wednesday’s US Treasury event brings together a diverse group of politicians and celebrities — from Texas Republican Sen. Ted Cruz to rapper Nicki Minaj — to discuss the program and its potential impact on the economy. Supporters of Trump’s accounts said it was a way to help children from low-income families build wealth.

President Donald Trump is expected to speak at the Treasury summit. Watch the live broadcast below.

Here’s what you need to know about Trump’s accounts and how to claim them.

What is Trump’s account?

It is a new savings instrument where money is invested in the stock market on behalf of the child. A child cannot receive the money until they turn 18, and can only use it for specific purposes, such as paying tuition fees, starting a business, or making a down payment on a home.

After a parent opens an account, the U.S. Treasury will contribute $1,000 to the newborns. Private banks and brokerage firms will manage the funds, which must be invested in US stock index funds that track the stock market and charge accounts no more than 0.10% annual fees.

He watches: How do “Trump Accounts” for children work and who will benefit most?

Parents can contribute up to $2,500 annually in pre-tax income, just as they do to retirement accounts. Parents’ employers, relatives and friends, local governments and charitable groups can also participate. The maximum annual contributions are $5,000, but contributions from governments and charities are not counted toward this total.

Who gets $1000?

As part of the launch of the initiative, parents of older children are also encouraged to open accounts, but they will not receive the $1,000 bonus. These funds are only intended for children born during the calendar years of the Trump administration.

To qualify for the $1,000 seed money, a child must be a U.S. citizen, have a Social Security number, and be born between January 1, 2025 and December 31, 2028. Any parent can open an account for a qualifying child, regardless of the parent’s immigration status.

Read more: What do experts think about Trump’s $1,000 ‘accounts’ for babies?

It is important to note that a child will not have access to money until they are 18, except in rare cases, so it cannot help with immediate expenses. Payments from the accounts will be subject to taxes.

What about older children?

Children born before 2025 will not be eligible for the $1,000 stimulus, but parents can still open accounts for them as long as they are under 18. Parents can still invest up to $2,500 before taxes for these children.

In December, billionaires Michael and Susan Dell announced a $6.25 billion donation that will allow some children ages 10 and younger to receive $250 in seed money if their parents open an account. These funds are intended for children living in ZIP codes with a median household income of $150,000 or less who will not receive the initial $1,000 money from the treasury.

He watches: Deal family pledges more than $6 billion to US children to build on ‘Trump accounts’

A few weeks later, hedge fund founder Ray Dalio and his wife Barbara pledged $75 million to children under the age of 10 in Connecticut, where Dalio lives. That would amount to $250 for 300,000 children in eligible ZIP codes. These large contributions are part of an effort by the U.S. Treasury Department — called the “50-State Challenge” by Secretary Scott Besent — to encourage wealthy, wealthy donors to participate.

Other companies participating in the program include Uber, MasterCard, BlackRock, Visa and Charles Schwab, according to Trump’s accounting website.

How do I open a Trump account for my children?

The accounts will not be open for contributions until July 2026, but parents of eligible children can register using Form 4547 from the Internal Revenue Service. Parents can fill out the form when filing taxes this year or when the administration opens an online portal this summer, according to Trump’s accounting website.

Registration for a Trump account is required for a child to receive funds. In May, parents who have registered will receive information on how to finalize account openings.

What is the idea behind the calculations?

Supporters of the accounts say they want to introduce more people to the stock market and give even children born into poverty a chance to benefit from it. Supporters also say these calculations support capitalism at a time when overtly socialist candidates are becoming increasingly popular.

About 58% of US households owned stocks or bonds in 2022, according to the US Securities and Exchange Commission, although the richest 1% owned nearly half the value of stocks in the same year.

Before Trump created the accounts, California, Connecticut and the District of Columbia were experimenting with “baby bonds” programs that resembled Trump’s accounts in some ways. Several other states, including Maryland, are studying programs.

But these programs target youth growing up in poverty or foster care, as well as children who have lost a parent to COVID-19. Richer children do not benefit. It is also managed by the state, not private investment companies.

What do the critics say?

Critics point out that the accounts do little to help children in their early years, when they are most vulnerable and most likely to be in poverty. These calculations also fail to offset cuts made by the Trump administration and Republicans in Congress to other programs that benefit young people and their families, including food assistance and Medicaid, they say. Republicans created the accounts in the same Trump tax bill that cut spending on some of those programs.

Even with the government contribution, critics say Trump’s calculations will widen the wealth gap. Wealthy families who can afford the maximum pre-tax contribution to accounts will see the greatest benefits. Poor families who cannot save money for accounts will benefit less than others. Assuming a 7% return, your $1,000 in initial money would grow to approximately $3,570 over 18 years.