Trump rings Wall Street opening bell, hails Trump Accounts

WASHINGTON – US President Donald Trump rang the opening bell for the New York Stock Exchange and the Nasdaq from the Oval Office, a celebratory event to mark the launch of Trump Accounts, a new investment vehicle for children.

“With the ringing of the opening bell for the stock market, those accounts will now begin to grow right along with our booming economy, and I really believe we’re going to have the biggest boom of all right now,” Trump said on July 6.

“You haven’t seen anything yet between individual contributions and the seed funds – US$800 million (S$103 billion) in new capital will be invested in the stock market for America’s children this week,” he added.

The president was joined by executives, including Intercontinental Exchange Inc. founder Jeffrey Sprecher, NYSE Group Inc President Lynn Martin and Nasdaq Inc CEO Adena Friedman and President Nelson Griggs, as well as Michael and Susan Dell, who made a US$6.25 billion donation to support the programme, and Treasury Secretary Scott Bessent.

“Go out and buy a Dell computer,” Trump joked, while adding that Dell and others contributing were “not doing it for that.”

The Trump accounts, a government-backed savings initiative, officially launched on July 4.

The tax-advantaged accounts are available to all minors who are US citizens, with the government providing a US$1,000 seed contribution for children born between 2025 and 2028, the years spanning the president’s second term.

The Oval Office ceremony marked the first time the two exchanges have rung the opening bell together from the White House, demonstrating how financial and corporate leaders have embraced the initiative – as well as its importance to Trump’s midterm messaging, as he seeks to convince voters he is addressing cost-of-living concerns.

More broadly, the event highlighted the outsized spotlight Trump casts on the stock market, hailing rallies and new highs as vindication for his economic policies even as voters worry about inflation and wage growth.

The savings accounts, created last summer under Trump’s sweeping tax and spending package, are seen as part of the president’s legacy and have attracted commitments from corporations and billionaires.

US chipmaker Micron Technology Inc announced last week it’s investing US$250 million and Trump has said he thinks Elon Musk will donate SpaceX stock to the accounts.

SpaceX President Gwynne Shotwell said on July 6 she would contribute stock to the initiative.

Shotwell, in a post on X, said she would gift one share to “each of more than two million children.”

Later on July 6, during a Rose Garden lunch for visiting executives, Trump praised the “outstanding employers who have committed to making contributions toward the Trump account, some of whom are here today.”

He mentioned “Uber, Wells Fargo, Goldman Sachs, Visa, Robin Hood, Mastercard, Intel, IBM, AMD, Rusk Industries, and Steak and Shake.”

Trump said representatives from some of those companies had joined him at the White House, adding “many others are here, but too many to name.”

Trump indicated he would speak to lawmakers about securing further funding for the initiative and also referred to Australia’s own retirement system, which some have pointed to as an inspiration for the Trump accounts, as something he would look to pull more ideas from.

“They have a plan in Australia, which people really like. It’s really worked out very well, incredibly well, and very respected. And we’re going to be talking about that with Congress and see if we can implement it, and that would be more for grown-ups as opposed to children,” Trump said, without providing more details.

Trump’s effort to help younger Americans build wealth comes at a difficult time politically.

Voters have given him poor marks over the economy and the Iran war, a conflict which spiked gas prices and further squeezed household pocketbooks.

A PBS News/NPR/Marist poll released in June found 60 per cent of Americans disapproved of his handling of the economy.

That’s left Trump’s Republican Party with a tough fight to retain control of Congress in November’s midterm election.

GOP lawmakers have pushed him to focus on the economy and Trump has sought to turn the page on the Iran war even as negotiations for a longer-term peace deal remain uncertain.

Trump at times has appeared distracted, however, both by the war as well as pet projects in Washington.

He’s also ramped up his rhetorical attacks on Democrats, seizing on primary elections in which self-described progressive or democratic socialist candidates have won to warn voters of a “communist” resurgence.

In December 2024, a month after his election victory, Trump travelled to the centre of American finance to ring the NYSE opening bell, pledging to deliver a “very strong” economy.

Tying his political success to the trajectory of the markets, however, is a risky affair, with global tariffs and the Iran war sparking volatility.

Bridgewater Associates founder Ray Dalio said his foundation would contribute US$250 to 300,000 eligible children’s accounts in Connecticut.

BlackRock Inc, Robinhood Markets Inc, SoFi Technologies Inc, State Street Corp and Comcast Corp are among those who have said they plan to match the US$1,000 seed funding for their employees.

All contributions will initially be invested in the State Street SPDR Portfolio S&P 500 ETF, according to the Treasury Department.

The government also chose four other alternative options that people can select later on, including funds from BlackRock and Vanguard. BLOOMBERG