Every child born in the United States during President Donald Trump's second term will receive a $1,000 start-up capital, a Republican Party bill provides, NOVA reported.
The bonuses are part of a large budget package that was passed by the House of Representatives (the lower house of Congress) earlier this week. The program will be funded with a total of $17.3 billion, and the newborns' funds will be deposited into a special "Trump account", which will be managed by banks or investment companies and will function like a traditional investment account.
Initially, these accounts were planned to be called "Growth and Progress Cash Accounts" (money account for growth and advancement) or MAGA, in analogy with Trump's platform "Make America Great Again", but the name was changed hours before the bill was passed in honor of the president.
One of the most prominent supporters of the program is Republican Senator Ted Cruz. "This is what any newborn capitalist would do," Cruz told the "Financial Times".
He got the idea during a poker game in Las Vegas with technology investor Brad Gerstner, who supports the creation of investment accounts for children.
The bill, which is also to be considered by the Senate, provides for the $1,000 accounts to be opened for every American child born in the United States between December 31, 2024 and January 1, 2029. Children will not have access to the funds until they are 18 years old.