Trump admin live updates: President touts Trump Savings Accounts for children

Trump touted the new Trump Savings Account in the GOP megabill at a roundtable at the White House with lawmakers and top CEOs.

“The Trump Accounts, as they call it, pilot program, which will make it possible for countless American children to have a strong start in life, at no cost to the American taxpayer. Absolutely no cost. It’s gonna have a huge impact,” Trump said.

Should the bill become law, the government would deposit $1,000 into a tax-deferred, low-cost index fund account that will track the overall stock market for each newborn. Additional contributions can go up to $5,000 annually. When the children reach adulthood, they would be able to take out money to cover things like college or a down payment on a home.

Trump said that the account will “contribute to the lifelong success of millions of newborn babies”

“They’ll be open for additional private contributions each year from family, friends, parents, employers, churches, private foundations and more. This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation, and they’ll really be getting a big jump on the life, especially if we get a little bit lucky with some of the numbers in the economy into the future,” Trump added.

House Speaker Mike Johnson touted how the “transformative” policy can help American families.

“It’s a bold, transformative policy that gives every eligible American child a financial head start from day one,” Johnson said. “Republicans are proud to be the party we always have been that supports life and families and prosperity and opportunity. And Trump accounts are all about setting up the next generation for success. For future Americans, this early investment could really be the game-changer.”

-ABC News’ Michelle Stoddart