WASHINGTON (dpa-AFX) - The U.S. Department of the Treasury has announced that it will accept large philanthropic contributions of readily tradable public company stock to support Trump Accounts. This announcement comes ahead of the formal launch of Trump Accounts on July 4, U.S. Independence Day.
Under the new process, eligible philanthropic contributors may transfer approved publicly traded stock to Treasury. The stock will be contributed to Trump Accounts for eligible children consistent with the donor's instructions, applicable law, and Treasury guidance.
'Today's announcement makes it easier for philanthropists to help American children build long-term financial security,' said Treasury Secretary Scott Bessent. 'By accepting contributions of publicly traded stock, Treasury is creating a practical pathway for large-scale private giving to support the next generation.'
The U.S. government, private donors and employers can deposit money into the Trump account, a stock market index investment account for U.S. children.
Also known as 530A account, it can be opened for a child under 18 with a Social Security number. It eventually grows tax-free, serving as a type of individual retirement account.
The funds in the account can be withdrawn only after January 1 of the calendar year in which the child reaches 18 years. More than six million families have signed up for Trump Accounts prior to the official launch of the program, according to the Treasury.
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