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The payments, part of the new domestic policy law, are for U.S. citizens born this year through 2028. The idea is that the money in the accounts will have many years to grow.

American babies born this year through 2028 are eligible to receive $1,000 from the government for a new type of account that is aimed at helping families get their children off to a strong economic start.

The so-called Trump accounts, created as part of the tax and spending plan signed into law by President Trump, are structured as a sort of hybrid individual retirement account, financial experts said. The unique twist comes in the form of seed money from the federal government. About 3.6 million babies are born in the United States annually, potentially putting the tab at several billion dollars for each year that the seed money is provided.

The accounts had initially included requirements that encouraged spending the

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