Billionaire Ray Dalio joins push to fund Trump Accounts, pledging $75 million to Connecticut kids

The U.S. Treasury asked large philanthropic donors to lend to caller concern accounts for children Wednesday arsenic portion of what Secretary Scott Bessent called a “50 State Challenge” to rise funds for the Trump Accounts program.

“The president is calling connected our nation’s concern leaders and philanthropic organizations to assistance america marque America large again by securing the fiscal aboriginal of America’s children,” Bessent said successful an address.

The billionaire hedge money laminitis Ray Dalio, on with his woman Barbara, announced they would perpetrate $250 to 300,000 children successful Connecticut who unrecorded successful ZIP codes wherever the median income is little than $150,000. Dalio founded the concern steadfast Bridgewater Associates and lives successful Connecticut.

The Dalios' $75 cardinal committedness follows the $6.25 cardinal pledge from billionaires Michael and Susan Dell earlier successful December. The Dells promised to put $250 successful the accounts of 25 cardinal children 10 and nether who unrecorded successful ZIP codes crossed the state that besides person that median income.

The caller concern accounts were created arsenic portion of President Donald Trump’s taxation and spending legislation, passed implicit the summer. Under the caller law, the U.S. Department of the Treasury volition deposit $1,000 into the concern accounts of children calved during Trump's 2nd term.

The Treasury has not yet launched the caller accounts.

“Starting connected July 4th, our nation’s 250th anniversary, parents, household members, employers and friends volition beryllium capable to lend up to $5,000 to each Trump Account each year,” Bessent said Wednesday.

Brad Gerstner, a task capitalist, who championed the accounts, said the Treasury volition make an relationship for each kid successful the U.S. who has a Social Security fig but backstage companies volition yet administer the accounts. Parents oregon guardians volition person to assertion the accounts connected behalf of their children. For children calved earlier Trump came to bureau and who don't suffice for the funds from the Dells and the Dalios, their families tin unfastened and money their ain Trump Account if they choose.

Money successful the accounts indispensable beryllium invested successful an scale money that tracks the wide banal market. When the children crook 18, they tin retreat the funds to enactment toward their education, to bargain a location oregon to commencement a business.

Bessent said employers, household members and philanthropists tin enactment funds into the accounts and that the medication hopes states volition besides yet acceptable up programs to put successful the accounts arsenic well.

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