White House plans to launch “Trump Accounts” for children July 4, outlet reports; IRS Form 4547 signup already underway

The Trump administration plans to launch “Trump Accounts” on July 4, according to The Hill, as a new child investment initiative intended to improve financial outcomes for Americans under age 18. The outlet reported the accounts are designed for children who do not turn 18 before the end of the calendar year in which a parent opens an account, with Treasury and eligible contributors making initial deposits tied to birth-year eligibility.

As described in the reporting, families can create accounts in advance through the Internal Revenue Service using IRS Form 4547, which is used to establish accounts for children meeting the program criteria. The Hill reported that, as of Thursday, more than 6 million families had signed up to open accounts via the IRS form.

The Hill also reported how the accounts would be funded and administered. It said the Treasury Department will contribute $1,000 for accounts covering children born between Jan. 1, 2025 and Dec. 31, 2028. The reporting added that employers could make matching contributions for employees’ children, and that family members and other adults can contribute up to $5,000 annually, with the limit increasing with inflation starting in 2028.

On the investment mechanics, The Hill reported that parental contributions would be “automatically be invested” in the State Street SPDR Portfolio exchange-traded fund for the S&P 500, described by the outlet as the lowest-cost S&P 500 index fund also known as SPYM. The reporting further said the Treasury Department would accept contributions of “tradeable stock” to the accounts, a policy change described by Treasury Secretary Scott Bessent as a way to make large-scale private giving easier.

Additional reporting from ABC News similarly described the July 4 launch timeline and said the government would provide $1,000 for newborn eligibility, while noting private investors and other donors may add further contributions. Reuters and CNN also reported on plans for ceremonial participation around capital markets, including the New York Stock Exchange and Nasdaq ringing an opening bell from the Oval Office, with Hassett telling CNBC that the markets would open together for the launch.

The White House has previously announced a different Trump-related child-account effort focused on foster youth, “Fostering the Future Accounts,” in a June 17 briefing statement, including that it is developed in partnership with the Treasury Department. That official White House announcement does not, on the face of the identified document, confirm that “Trump Accounts” are governed by the same rules, funding structure, or Federal Register procedures described in the July 2 media reports.

A central point for legal and implementation review remains whether “Trump Accounts” were authorized through a statute and the specific program rules were published in an official primary source such as a White House release or Federal Register notice. In the Federal Register materials identified in the supplied evidence set, no item directly matching the “Trump Accounts” program was confirmed. As a result, this story reflects what outlets reported and flags that official confirmation for the program-specific launch and mechanics is still pending review.