WASHINGTON — President Trump rang the opening bell for the New York Stock Exchange and Nasdaq in the Oval Office on Monday to mark the launch of his administration’s tax-advantaged accounts for kids, with the commander in chief vowing “to make young children, born with no money in many cases, rich.”
Trump was joined in the Oval Office by corporate executives who have contributed to the funds, as well as a group of nine children who jumped up and cheered as the president pulled on a rope to signal the start of Wall Street’s trading day.
Monday marked the second time a sitting president has run the opening bell of the NYSE. Ronald Reagan was the first in 1985.
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Nearly 6 million Americans have signed up for Trump Savings Accounts, which are open to any child under the age of 18. An estimated 1.4 million kids born between Jan. 1, 2025, and Dec. 31, 2028, have qualified for an additional $1,000 in seed money.
The cash can be invested via index funds or exchange-traded funds that mainly contain stock in US companies.
Trump welcomed the kids, all of whom appeared to be under 10 years of age, by describing them as “soon to be very rich people.”
The youngsters showed their patience during 90 minutes of remarks and Trump taking questions from the media, though one child whispered to a reporter, “When is this over?” about halfway through the event.
One young boy eventually drifted off to sleep, leaning against the Resolute Desk with a pacifier in his mouth. His head fell on the shoulder of the girl next to him, who held his hand and kept him from sliding to the floor.
Before Trump appeared, the kids appeared fascinated by the Oval Office, pointing out the gold leaf and various paintings to each other.
The president was also in a good mood, visibly excited about ringing the opening bell and cutting off Treasury Secretary Scott Bessent to do so.
Bessent had been touting the advantages of Trump Accounts when the clock ticked to 9:30 a.m. ET
“You’ve got to speak a little faster,” interrupted Trump, ringing the bell to start trading.
The large gold bell, inscribed with “Trump Accounts First Trading Day,” sat on the Resolute Desk at the Oval Office — and the president said he wanted to keep it in Washington.
“Does that bell, does it stay in the White House? Because I’m not giving it back. We’re going to put that in the middle of the new ballroom. I’m not going to give that bell back. It looks to me like it’s going to stay,” he said.
Among the executives Trump hosted were Michael Dell, who, along with his wife Susan, donated $6.25 billion toward the accounts, the largest contribution of any individual.
Guests were also treated to lunch in the White House Rose Garden, where they were joined by singer Nicki Minaj, who has pledged $300,000 to go toward accounts set up by her fans.
Children can’t access the Trump Savings Accounts until they turn 18, at which point the accounts become a traditional IRA.
There are additional ways to build up the funds. Employers can set up automatic paycheck deductions, while family members, charities, and churches can also contribute.
Kids can receive up to $5,000 per year, and the money isn’t taxed until it’s withdrawn. Even if a parent took the initial $1,000 and added nothing else to the account over 18 years, it could still be worth $10,000 or $20,000 when they reach legal age, financial experts have estimated.
Trump shouted out nearly a dozen companies that have either agreed to contribute to Trump Accounts or add them to employee benefit packages, “including Uber, Wells Fargo, Goldman Sachs, Visa, Robin Hood, Mastercard, Intel, IBM, AMD, Rusk Industries, and Steak and Shake, and many others.”
“This is really a very, I think, a historic moment in a sense, but it’s going to be really great,” he predicted.
“On the heels of our 250th anniversary, this will be one of the president’s most enduring legacies,” Bessent added, “and the great bounty of this will go for generations to come.”
Parents or guardians can begin the process of opening Trump Accounts for their kids by filing IRS Form 4547 on the official website at trumpaccounts.gov.
