WASHINGTON (TNND) — The Trump administration has unveiled a new initiative, dubbed "Trump accounts," which it claims will be a transformative financial opportunity for American families. President Donald Trump announced that starting in 2025, the Treasury Department will deposit $1,000 into an investment account for every American child born with a valid Social Security number through 2028. Additional contributions of up to $5,000 can be made by parents, employers, churches, states, and loved ones. The administration projects that with modest contributions, these accounts could grow to at least $50,000 by the time the child reaches 18.

Despite the administration's enthusiasm, awareness of the program remains low. A poll by Exclusive Public, published by Reuters, revealed that 57% of Americans have never heard of a Trump account, and 25% are aware but unable to explain it. Currently, 500,000 families have signed up for the program.

Critics argue that the initiative may not effectively address childhood poverty, as wealthier families are more likely to contribute the maximum amount. At the same time, those living paycheck to paycheck may struggle to add funds. However, supporters believe it sends a strong message about the importance of early financial opportunities. Rapper Nicki Minaj, a vocal supporter of President Trump, expressed her motivation to back the initiative, stating, "The hate or when people have said it does not affect me at all. It actually motivates me to support him more."