President Donald Trump is set to host a roundtable event Monday to formally announce a major new provision in his landmark budget legislation: the creation of “Trump Savings Accounts.” A White House official confirmed to ABC News that the initiative will allow parents and guardians to invest in the financial markets on behalf of their children.

The accounts will apply to children born between January 1, 2025, and January 1, 2029. Under the program, the federal government will deposit $1,000 into a tax-deferred, low-cost index fund account for each eligible newborn. The fund will be designed to track the overall stock market, and families will be allowed to make additional annual contributions of up to $5,000.

Once the child reaches adulthood, the funds can be used for expenses such as college tuition or a down payment on a home.

“The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America,” said White House press secretary Karoline Leavitt in a statement to ABC News. “It delivers the largest tax cuts in history, expands the child tax credit, AND creates this incredible new Trump Account program, which will put the lives of young Americans on the right financial path.”

According to the White House official, CEOs from major corporations, including Dell Technologies, will join Trump for the announcement. These companies are expected to commit billions of dollars in contributions to “Trump Accounts” for the children of their employees.

The announcement is part of a broader effort by the administration to spotlight the “One, Big, Beautiful Bill”, which remains under Senate consideration. The budget bill has faced growing opposition, including sharp criticism last week from Elon Musk, who labeled it an “abomination.”