Trump accounts get the star treatment
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Nicki Minaj and President Trump at the "Trump accounts summit" in Washington, D.C., on Wednesday. Photo: Win McNamee/Getty Images
President Trump is turning on the PR machine for "Trump accounts," bringing in a star rapper and a slew of CEOs to help fund investment accounts for kids.
Why it matters: The White House has promised the Trump accounts will unlock financial freedom for future generations, with a structure that could disrupt American philanthropy.
- But for the program to pack the biggest punch, the administration needs private-sector buy-in — America's richest and large employers.
What's going on: Celebrities jump in. Nicki Minaj, who appeared with Trump at a summit in Washington on Wednesday alongside "Shark Tank" investor Kevin O'Leary, will invest "hundreds of thousands of dollars" in the accounts.
- "Nicki makes a lot of cash — not as much as Michael Dell, but that's OK ... she's generously stepping up," Trump said in a speech.
CEO commitment. Bank of America, JPMorgan Chase and Intel were among the firms that said they will match government contributions to Trump accounts for eligible employees, joining the growing list of businesses that had previously agreed to do so.
- Oil magnate Harold Hamm, Broadcom CEO Hock Tan and other chief executives recorded video messages announcing their commitment and praising the accounts.
- Visa CEO Ryan McInerney said his company would allow credit-card holders to deposit cash back rewards into Trump accounts.
Super Bowl commercial. Trump accounts will also be promoted in a commercial during the largest televised event of the year, venture capitalist Brad Gerstner confirmed.
- Gerstner — a longtime champion of such taxpayer-funded investment accounts — said he would help fund accounts for some children in his home state, Indiana, though he did not specify how much.
- Treasury Secretary Scott Bessent said Hamm would follow suit for some children in Oklahoma, without offering more details.
How it works: Parents and guardians can start contributing to Trump accounts on July 4.
- U.S. citizens born between 2025 and 2028 are eligible for a one-time contribution of $1,000 from the U.S. government.
- Older children can have accounts, though they are not eligible for the government contribution but could get starting cash in other ways.
- Michael Dell and his wife Susan pledged $6.25 billion to the accounts. Billionaire hedge fund manager Ray Dalio committed to help fund some accounts for kids in Connecticut.
The backdrop: Backers of the accounts say kids will become shareholders at birth in ways that will allow them to enjoy stock market upsides (and downsides).
- Funds in Trump accounts will be invested in an index tracking the S&P 500, which hit 7,000 for the first time ever on Wednesday.
