sense Ted CruzRep. Cory Booker, R-Texas, and Cory Booker, DN.J., urged Fortune 1000 business leaders in a letter Tuesday to support the newly created federal savings program known as “Trump Accounts,” a tax-advantaged investment account set up for newborn American children.

The program, born through the One Big Beautiful Bill Act and signed by the president donald trump On July 4, it gives all children born between January 1, 2025 and December 31, 2028 a one-time $1,000 government deposit at birth. Families can open an account once the child has a Social Security number, and funds cannot be withdrawn until the child turns 18.

“These accounts will set in motion a once-in-a-generation expansion of economic opportunity and prosperity for every American child, helping millions of families realize the American Dream through ownership, education or entrepreneurship,” the senators wrote.

WHITE HOUSE INTRODUCES ‘TRUMP ACCOUNTS’ FOR KIDS WITH $6.25 MILLION DELL INVESTMENT

Sens. Ted Cruz, R-Texas, and Cory Booker, DN.J., led a bipartisan effort to urge CEOs of Fortune 1000 companies to support the “Trump bills.” (Tom Williams/CQ-Roll Call/Andrew Harnik/Getty Images)

Senators also highlighted the long-term economic benefits.

“These tax-advantaged accounts ensure that every American child is an immediate shareholder in America’s greatest companies and will experience the miracle of compound growth throughout their lives,” they wrote.

“We believe these accounts, like 401(k)s, represent a transformative tool for building long-term financial security, expanding economic prosperity, and fundamentally restoring confidence in American capitalism.”

The letter also urged businesses to join the effort.

The “Trump Account” is a tax-advantaged account included in the One Big Beautiful Bill. (Tim Clayton/Corbis/Getty Images)

“Many companies have already pledged support, and we encourage your company to explore how you can contribute at a level aligned with your mission and capability. By matching contributions for employee families, investing in the communities where you operate, or integrating these accounts into your philanthropic strategy, you can significantly enhance the impact of this landmark initiative.”

The bipartisan call comes after a $6.25 billion investment by Michael Dell, founder and CEO of Dell Technologies, and his wife, Susan.

MICHAEL AND SUSAN DELL DONATE $6.25M to Fund ‘Trump Accounts’

Michael and Susan Dell announced the $6.25 billion investment in X and later joined President Donald Trump at the White House. (Andrew Caballero-Reynolds/AFP/Getty Images)

The two joined Trump at the White House to share additional details about his pledge, which is the program’s first major infusion of private funding.

“These investment accounts are simple, safe and structured to grow in value through market returns over time. By age 18, these young Americans can have a financial foundation for further education, job training, home ownership or future savings. It’s a simple but very powerful idea,” the couple said in a statement.

Trump called the Dell family’s investment an “amazing” and “generous” act and said he would also donate to the federal thrift program.

GET THE FOX BUSINESS ANYWHERE CLICK HERE

Meanwhile, the Treasury Department estimates that Trump’s accounts could build up to a seven-figure balance by early adulthood if families max out their contributions.

A fully funded account could go up to as much as $1.9 million at age 28according to the Tax Analysis Office of the Treasury. Even at the lower end of projected returns, the savings account it could still make nearly $600,000 over the same period.

Even without additional contributions beyond the initial $1,000 from the federal government depositthe Treasury estimates the account could grow by $3,000 to $13,800 over 18 years.