Imagine that Giorgia Meloni, as Prime Minister, launches an app for newborns through which the government credits 1,000 euros to each child. She does so in an official capacity, via a government website and under a specific name: “Conto Giorgia.” Suppose the campaign promises parents that this capital will grow based on the historical performance of the FTSE MIB – the former MIB30 – provided they invest it on the stock market. Suppose the money comes largely from Italian taxpayers’ money and that the initiative has the blessing of a public statement signed by the nation’s capitalist elite: the Del Vecchio heirs, Marina Berlusconi, Giovanni Ferrero, Francesco Gaetano Caltagirone, and company. Such an initiative would raise an institutional issue even before a political one. Article 97 of the Constitution requires the public administration to act with due diligence and impartiality, and placing a personal brand on newborns’ savings is at odds with both.
In the United States, this is not just a hypothetical scenario. The Trump Accounts, accessible at trumpaccounts.gov, have been operational since July 4, 2026 – a date chosen to mark the 250th anniversary of the Declaration of Independence. They were established by the One Big Beautiful Bill Act, signed by Donald Trump in the summer of 2025: tax-advantaged savings accounts governed by Section 530A of the federal tax code. The Treasury makes an initial contribution of $1,000 for children born during the pilot program period, from 2025 to 2028, and anyone else can add money: parents, relatives, employers, states, and private individuals. By default, the funds are invested in a State Street index fund, the SPDR S&P 500 ETF; among the alternatives that can be selected at a later date, the Treasury has included funds from BlackRock and Vanguard.
The launch followed the ritual one might expect. From the Oval Office, Trump rang the opening bell for the NYSE and Nasdaq, flanked by Michael and Susan Dell, who pledged $6.25 billion: $250 each into the accounts of 25 million children under the age of ten living in areas where the median income does not exceed $150,000. The president joked that those present “aren’t doing this for that reason,” and invited everyone to buy a Dell computer. BlackRock, State Street, Visa, and Mastercard had already joined the summit organized by the Treasury, alongside Dell Technologies and the Dells; the underlying idea is attributed to financier Brad Gerstner. The $1,000 in public funds serves as the initial capital to open the account, while the private funds carry less weight than the scene surrounding them.
