STORY: America's biggest banks are backing President Donald Trump's starter investment accounts for newborns.
Bank of America and JPMorgan Chase will both match the U.S. government's initial $1,000 contribution to the newly created "Trump Accounts," giving eligible employees' newborns a head start in the stock market.
Trump touted the starter accounts during a speech on Wednesday.
TRUMP: "For the first time ever, we're going to give every newborn American child a financial stake in the future. Head start at life and a fair shot at the American dream."
The Trump Accounts will consist of $1,000 in seed money from the U.S. Treasury deposited into investment accounts for all children born between 2025 and 2028 with a valid Social Security number.
Wednesday's speeches also featured Treasury Secretary Scott Bessent and supporters including singer Nicki Minaj.
NICKI MINAJ: "I am probably the president's number one fan."
The accounts were created as part of Trump's One Big Beautiful Bill Act and are expected to be rolled out on July 4th.
The government has said it will invest the money in low-cost index funds that grow tax-deferred. Income taxes are due upon withdrawal.
Bessent said more than 500,000 families have signed up for the investment accounts in recent days.
He told Fox News the accounts would give more people access to potential stock market earnings and compound interest.
Relatives can also add to the initial federal seed money in the accounts, which children can use when they turn 18 to pay for cars, a home, college or to fund a retirement account.
Private investors are also donating to the account including Michael and Susan Dell who contributed $6.25 billion.
