Could Trump Accounts Auto-Enrollment Build a Nation of Future Homeowners?

5 days ago 10

Millions of American children could be automatically enrolled in Trump Accounts beginning as early as Oct. 1, under new rules announced by the Treasury Department on Tuesday.The president's eponymous tax-advantaged investment accounts, which officially launched on July 4, are designed to give children an early foothold in the stock market—and, potentially, a pool of money they can eventually use to pay for college, start a business, or buy a home.Until now, though, families were required to opt in by submitting a form with their tax return or on TrumpAccounts.gov.So far, enrollment has been lackluster. Just 7 million to 8 million children had accounts as of mid-September, Treasury Secretary Scott Bessent told the House Financial Services Committee on Sept. 15. But with automatic enrollment, Bessent said the Treasury expects that number to reach 70 million.The change could address one of the chief criticisms of Trump Accounts: that they disproportionately benefit families who are already well-off. But giving every child an account is not the same as giving every child an equal financial head start.Auto-enrollment could close one gapEven before Trump Accounts officially launched, the...

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