60 Million Children Have Been Automatically Enrolled in Trump Accounts. Here’s What Parents Should Know

Sixty million American children were automatically enrolled into “Trump Accounts” on Oct. 1, President Donald Trump announced.Roughly 10 million of the investment accounts for kids have also been created by parents or guardians following the program’s launch on July 4, meaning that the automatic enrollments bring the total number of enrollees to 70 million. That figure represents every American child under 18 with a Social Security number, according to the White House. “Today we celebrate our next historic … step to ensure every American child has a fair shot at the American dream,” Trump said Wednesday in the Oval Office. “The U.S. government is automatically creating a tax-free investment account for every child to grow over the course of their lives and to be used to their benefit and for their benefit after they turn 18.” More than $4.5 billion has been deposited into Trump Accounts since they went live this summer, including $1.3 billion in federal seed money, $2.6 billion in philanthropic donations, and over $600 million from family and friends of account owners, according to the White House, which added in a press release that there is “more on the way.” Here’s what to know ...