close
Trump Accounts top 6M enrollments: Report
U.S. Securities and Exchange Commission chair Paul Atkins discusses the value of Trump investment accounts on Kudlow.
Goldman Sachs on Thursday announced that it will make a matching contribution to Trump Accounts for eligible children of the firm’s employees.
The company will make a one-time matching contribution of $1,000 to employees with children born between 2025 and 2028 upon the time of enrollment in Trump Accounts, matching the $1,000 federal seed contribution.
“Starting early and staying invested for the long term is one of the most reliable ways American families build lasting financial security,” said Goldman Sachs CEO David Solomon.
“We have long been committed to the importance of savings and investment as a pathway to a more resilient financial future, and we’re proud to continue our support of this partnership and invest in the future of America,” Solomon added.
WHITE HOUSE UNVEILS TRUMP ACCOUNTS MOBILE APP AHEAD OF JULY 4 ROLLOUT
Goldman Sachs CEO David Solomon said that Trump Accounts can help instill savings and investment as financial habits.(Al Drago/Bloomberg via Getty Images)
The company said in a statement that it views the public-private initiative as a way to “instill the fundamental economic principles of savings and investing in America’s next generation.”
With the matching contribution, Goldman Sachs joins the ranks of U.S. companies that have opted to participate in the Trump Accounts program.
HOW TO KNOW IF YOUR CHILD QUALIFIES FOR A TRUMP ACCOUNT: ‘A FINANCIAL STAKE IN THE FUTURE’
Trump Accounts are scheduled to officially launch on July 4.(Valerie Plesch/Bloomberg via Getty Images)
Financial firms including Citi, JPMorgan Chase, Bank of America and Vanguard have all announced that they will make contributions to the Trump Accounts of their employees’ children that at least match the $1,000 federal contribution for children born between 2025 and 2028.
Michael and Susan Dell also announced the donation of $6.25 billion to seed 25 million accounts belonging to children 10 and under with $250 each, providing a boost that includes some children who wouldn’t have been eligible for the federal seed money.
HERE’S HOW MUCH TRUMP ACCOUNT BALANCES COULD GROW OVER TIME
The Trump Accounts app will feature eight exclusive financial literacy modules that families can access before the July 4 rollout.(U.S. Department of the Treasury / Fox News)
Trump Accounts were created by the One Big Beautiful Bill Act, the package of tax cuts and reforms that Republicans passed through Congress and was signed into law by President Donald Trump last year.
The initiative invests the savings in low-cost index funds that provide broad, diversified exposure to the U.S. stock market.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Parents and guardians may contribute up to $5,000 per year to the accounts belonging to their children, while a parent’s employer can contribute up to $2,500 annually without impacting the employee’s taxable income.
