Dell Technologies pledged Monday to provide $1,000 for so-called Trump accounts for new children of its employees, matching what the government would contribute if the savings program for newborns delivered in the United States becomes law.
CEO Michael Dell vowed to match the government’s seed money “dollar for dollar” for his employees’ kids during a roundtable event at the White House with President Donald Trump.
Uber CEO Dara Khosrowshahi and Goldman Sachs chief David Solomon also expressed support for the savings account plan, which is part of the massive Republican-backed budget bill moving through Congress.
But they did not make the same commitment at the event that Dell did, even though a White House official told CNBC earlier Monday that the attending CEOs would collectively announce billions of dollars of investment into their employees’ Trump accounts.
Once the bill is signed into law, “Goldman Sachs would be excited to further support” the initiative, said Solomon, without providing details.
More than half a dozen corporate leaders were on the list for the “Invest America” roundtable at the White House. They include:
- Michael Dell, founder and CEO of Dell Technologies
- Brad Gerstner, founder and CEO of Altimeter Capital
- Rene Haas, CEO of Arm Holdings
- Parker Harris, CTO of Slack and cofounder of Salesforce
- Bill McDermott, CEO of ServiceNow
- Dara Khosrowshahi, CEO of Uber
- David Solomon, chairman and CEO of Goldman Sachs
- Vladimir Tenev, cofounder and CEO of Robinhood
The provision to create the accounts passed the House last month as part of the major tax-cut bill that Trump is pushing Republicans to send to his desk before the Fourth of July. The bill is pending before the Senate, where it faces strong pushback from some fiscally conservative Republicans who are demanding significant changes.
House Speaker Mike Johnson, R-La., and House Ways and Means Committee Chairman Jason Smith, R-Mo., were seated alongside Trump and the CEOs at the event Monday afternoon.
The program — previously referred to as “Money Accounts for Growth and Advancement” or “MAGA Accounts” — would seed index fund accounts with $1,000 in government funds for U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028.
Read more CNBC politics coverage
The tax-deferred accounts, which track the overall U.S. stock market, allow additional contributions of up to $5,000 per year. The seed money will be funded by the Treasury Department and controlled by the child’s guardians. Funds can be distributed once the beneficiary turns 18.
The pilot program is similar to other savings account options that already exist, including 529 college savings plans, which have higher contribution limits. Some financial advisors say that the Trump accounts may not offer the best investment incentives.
“The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, and by creating this incredible new ‘Trump Account’ program, which will put the lives of young Americans on the right financial path!” White House press secretary Karoline Leavitt told CNBC in a statement.
This is developing news. Please check back for updates.
— CNBC’s Megan Cassella and Jessica Dickler and NBC News’ Garrett Haake contributed to this report.
