Treasury Secretary Scott Bessent said Wednesday that 5 million children have signed up for Trump accounts. 

The accounts were enacted by a provision in President Donald Trump's "One Big Beautiful Bill" Act. They provide tax-deferred investing accounts for kids, and the program will officially launch on July 4. 

All U.S. children under age 18 can open a Trump account if they have a Social Security Number, CNBC reported, and $1,000 in Treasury seed money is available to babies born between 2025 and 2028. 

Bessent said on CNBC's "Investing in America Forum" that the $1,000 is just a starting point, and many companies and philanthropists are pledging to match the $1,000 Treasury deposits.