Established under Congress's "One, Big Beautiful Bill," President Donald Trump's new investment accounts for U.S. citizen minors are meant to help families jumpstart the American Dream for their children.
Parents can open a tax-advantaged account with the federal government and contribute up to $5,000 annually, which a private banking corporation will use to make stock market trades on their behalf.
And Oklahoma Republicans are gung-ho about incentivizing parents to start saving for their children. House Bill 4071, or the "Oklahoma Dream Accounts Investment Program Act," is by fiscal chairs Rep. Trey Caldwell, R-Faxon, in the House and Sen. Chuck Hall, R-Perry, in the Senate. The new law appropriates $12.5 million into a fund at the Oklahoma treasury so the state can contribute $250 to any newly opened qualifying Trump accounts.
That's on top of the $1,000 the federal government would contribute to accounts opened for children born on or after Jan. 1, 2025, through Dec. 31, 2028, as part of an introductory pilot program.
To qualify for a Trump Account, applicants must be under the age of 18 and a U.S. citizen with a valid Social Security number. To apply for their children, parents must fill out the Internal Revenue Service Tax Form 4547 and wait for correspondence from the IRS about completing the process.
Stitt signed the bill into law on Wednesday morning."This is what it looks like when we govern with the future in mind," Stitt said in an X post announcing the signing of the bill and two others, including the one establishing his championed Oklahoma Taxpayer Endowment Fund. "Oklahoma is open for business and built to last."
Democratic House leader and candidate for governor Cyndi Munson said in a press release last week that she's concerned parents are unable to control investments into Trump accounts beyond making deposits, and that Republicans have their funding priorities off-kilter.
"At a time when Oklahomans need financial relief, it is irresponsible to place millions of dollars into an account that they have no control over," Munson said. "We could invest $12.5M into Oklahoma's children today by increasing childcare subsidies, providing free breakfast and lunch at every Oklahoma public school, or appropriating more dollars to our public schools to provide more support and resources in classrooms across our state."
