What to know about Trump Accounts

What to know about Trump Accounts, auto-enrollment

President Trump touted his administration’s investment accounts for children earlier this week, as millions of American kids will now be automatically enrolled in the program.

Flanked by administration officials, business leaders and Sen. Ted Cruz (R-Texas) in the Oval Office, the president said the “Trump Accounts” will help children build wealth .

“If all goes well, which I think it will, they’ll end up being quite rich by the time they’re 18, and then 21 and as time goes by,” Trump predicted.

An auto-enrollment feature announced recently by the Treasury Department will result in more than 60 million additional kids having an account.

While experts note Trump Accounts are just one of multiple available for children, the president’s move has received widespread support — including from Democrats normally critical of Trump, such as Govs. Wes Moore (D-Md.) and Gavin Newsom (D-Calif.).

Hill Insiders can read Max Rego’s full report at TheHill.com .

Welcome to The Hill’s Business & Economy newsletter , I’m Elliott Davis — covering the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

Russia will supply the U.S. with diesel, President Trump announced on Friday.

President Trump teased an upcoming announcement Friday from Office of Management and Budget Director Russell Vought as well as one pertaining to diesel.

The White House said Friday there was no conflict of interest when President Trump’s accounts bought more than $1 million in SpaceX debt two days before he signed an executive order on space transportation policy.

Branch out with more stories from the day:

Kimberly Guilfoyle, the U.S. ambassador to Greece and former fiancee of Donald Trump Jr., is under new scrutiny for allegedly requesting a direct deposit of $100,000 from a MAGA donor to clear her credit card debt ahead of her Senate confirmation hearing.

Business and economic news we’ve flagged from other outlets:

Americans’ debt problems are flashing a warning not seen since the Great Recession ( CNBC )

China and Europe Step Back From Trade War With Limits on Chinese Car Exports ( The New York Times )

For Walmart, Replacing Humans With Robots Is a Multibillion-Dollar Struggle ( The Wall Street Journal )

Opinions related to business and economic issues submitted to The Hill:

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