United News of Bangladesh

President Donald Trump is set to promote his administration's Trump Accounts program during a visit to a high school in Georgia on Wednesday, even as some parents say they are still waiting for the promised $1,000 government contribution for their newborns. The Trump Accounts, launched on July 4, provide a $1,000 government-funded investment for every child born during Trump's second term. The tax-advantaged accounts were introduced under Trump's signature One Big Beautiful Bill and can be opened for any child under the age of 18. According to the US Treasury Department, about 6.5 million accounts have been opened so far. Of those, around 1.5 million belong to children born between 2025 and 2028 who qualify for the $1,000 government deposit. Supporters say the programme will help more Americans build wealth by encouraging investment in the stock market from an early age. Once the accounts are opened, parents, relatives, friends and employers can add money. The funds are invested in stock market index funds managed by private firms. The money cannot be withdrawn until the child turns 18 and can then be used only for approved purposes, such as higher education, starting a business or buying a home. However, some parents say they have not yet received the promised government deposit. Masaki and Kristina McLellan of New Jersey opened a Trump Account for their daughter Maya, who was born in late March. Although they were initially hesitant because they viewed the programme as politically motivated, the $1,000 incentive convinced them to sign up. Masaki McLellan said he applied on July 6. His first application was rejected, but the account was activated after he contacted the programme's customer service hotline. He was initially told the government contribution would arrive within 10 days but was later informed it could take up to four weeks. Kristina McLellan said she was disappointed by the delay, although the family has already opened other investment accounts for their daughter, including a college savings plan and a custodial brokerage account. "We definitely want to give her options for her future and make sure she can choose what she wants to do," she said. The Treasury Department described the delay as part of the normal processing period, similar to waiting for a tax refund. It said most families receive the government contribution within one or two days, but officials provide a longer estimate to account for possible processing delays. The department said the programme allows families of all income levels to invest in their children's future and claimed it has become the most successful government-backed savings programme in US history, with around one million new sign-ups each month before its official launch. Trump's visit to Georgia comes as he and fellow Republicans face growing scrutiny over the economy ahead of the midterm elections. An Associated Press-NORC poll conducted in June found that only 33% of US adults approved of Trump's handling of the economy, one of his lowest ratings during his second term. Trump Accounts resemble the "baby bonds" programmes introduced in some Democratic-led states and cities to reduce wealth inequality among children. However, unlike many of those programmes, Trump's initiative is available to families regardless of income. Critics argue the accounts provide little help during a child's early years, when families are most vulnerable to poverty, homelessness and food insecurity. They also point out that the legislation creating the programme reduced funding for several programmes widely used by children, including Medicaid and the Supplemental Nutrition Assistance Program (SNAP).