Donald Trump’s administration launches Trump accounts, which deposit $1K into an account for each child born between January 2025 and December 2028 and allow families and employers to add funds over time.The accounts accept contributions of up to $5K a year; State Street will manage the initial fund tied to the S&P 500 and BlackRock and Vanguard are set to offer options later, while Bank of New York Mellon and Robinhood will provide a consumer app.Authorized by congressional Republicans, the plan has drawn billions in private donations from
Michael Dell,
Susan Dell,
Ray Dalio and
Barbara Dalio and prompted questions from consumer advocates about fees, fund choice and data privacy.