Rep. Tim Moore, R-N.C., weighs in on the plan for additional reconciliation bills, spending cuts and the House voting on key crypto bills.
The One Big Beautiful Bill Act, recently signed into law by President Donald Trump, allows millions of babies born in the U.S. to receive a $1,000 “Trump Account.”
These accounts, which are created by the government for those under 18 years old, are designed to help young people start investing early.
“This will afford a generation of children the chance to experience the miracle of compounded growth and set them on a course for prosperity from the very beginning,” the White House said.
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President Donald Trump signs the One Big Beautiful Bill Act into law from the South Lawn of the White House on July 4, 2025 in Washington, D.C. (Tom Brenner For The Washington Post via Getty Images / Getty Images)
Children born between Jan. 1, 2025 and Dec. 31, 2028 are eligible for a one-time $1,000 payment into their Trump Accounts, courtesy of the federal government.
Parents and relatives can contribute up to $5,000 each year into the account until the child turns 18 years old. After 2027, the $5,000 number may be adjusted for inflation.
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Parents’ employers can also contribute, according to the bill.
The child can access the money, which must be invested in low-cost stock mutual funds or exchange-traded funds like the S&P 500, once they turn 18 years old.
US President Donald Trump speaks to journalists aboard Air Force One after departing Joint Base Andrews, Maryland on his way to Bedminster, New Jersey on July 4, 2025. (BRENDAN SMIALOWSKI/AFP via Getty Images / Getty Images)
A Social Security number is required to open an account, and only one account can be opened per child, according to the new law.
“This initiative gets at the core of binding those future generations to the benefits and the potential of America’s great companies and markets,” Goldman Sachs CEO David Solomon said in a statement. “Early childhood investments have far-reaching benefits, and Goldman Sachs is proud to support his initiative … Our economy’s future vitality is dependent on young people understanding the power of investing for the long term.”
David Solomon, the chief executive officer of Goldman Sachs. (Photographer: Jeenah Moon/Bloomberg via Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 708.26 | +2.42 | +0.34% |
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Trump signed the bill into law on July 4.
The bill includes key provisions that would permanently establish individual and business tax breaks included in Trump’s 2017 Tax Cuts and Jobs Act, and incorporates new tax deductions to cut duties on tips and overtime pay.
Before signing the bill, the president said it would “fuel massive economic growth” and “lift up the hard-working citizens who make this country run.”
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The White House did not immediately respond to FOX Business’ request for comment.
Fox News Digital’s Diana Stancy and Alexandra Koch contributed to this report.
