President Trump launches Child Savings Account Plan

WASHINGTON (NBC, KYMA) - President Donald Trump launched his Child Savings Account Plan in the Oval Office Monday as he rang the bell to open trading on the New York Stock Exchange.

The so-called Trump Accounts will provide investment accounts for every child in America.

Those accounts will receive seed money from donations, including more than $6 billion donated by Michael and Susan Dell.

President Trump said during his comments that children could become wealthy just with the funds included in those accounts.

"So Trump Accounts are about giving every American child a stake in America's future and getting some of the upside," the president expressed.

Sen. Ted Cruz (R-Texas) was effusive saying the accounts would be transformative for the country.

"This administration...is going to auto enroll every child in America. All 70 million children will have accounts open for them, accounts that can then receive gifts from people like Michael and Susan and Brad. Accounts that let me say to every parent at home, please right now go to trumpaccounts.gov. Go to trumpaccounts.gov. Sign your kids up to every employer if you're not contributing to the accounts of the employees of your kids, do so now. Match their contribution, double their contribution, and to philanthropists go adopt a state, go adopt your city, go adopt a school. Go say the kids in my community, the kindergarten class here, we're going to help them get started. This is a moment, I believe, transformational to make sure the next 250 is even better than the first."

Sen. Ted Cruz (R-Texas)

Sen. Cruz also added a thank you to Trump for "getting rid of that ridiculous red card" ban against U.S. striker Folarin Balogun.

To learn more about the Trump Accounts, click here.