Auto-enrollment announced
The White House said on Wednesday that families will be automatically enrolled in the child savings program known as Trump Accounts, expanding a plan created by the 2025 tax law. President Donald Trump announced the change in the Oval Office and described the accounts as a way to build wealth for young Americans.
How the accounts work
The accounts are tax-advantaged investment accounts for children. Under the program, the government seeds an account for each newborn, and families, employers and others can add money over the years. At Wednesday's event, Republican Senator Ted Cruz suggested that relatives could make a contribution to a child's account instead of buying a gift such as an ugly sweater.
During the announcement, Trump's remarks moved from praise for the accounts to complaints about a lack of support from Democrats and criticism of communism. Near the end of the event, he handed out commemorative coins to children in the room.
Political backdrop
The rollout lands about a month before the November 3 midterm elections, when control of Congress is at stake. The administration has promoted the accounts around the country as part of its economic message. Democrats have questioned the program's cost and design, and the White House has not won the bipartisan backing it sought.
Also on Wednesday, Trump signed H.R. 5345, the Improving Social Security's Service to Victims of Identity Theft Act. The law creates a single point of contact at the Social Security Administration for people whose Social Security number has been misused or whose card has been lost, so they do not have to work through several offices. Earlier in the week, the president signed a proclamation naming October 2026 National Energy Dominance Month.