Rep. Julie Fedorchak, R-N.D., hands out informational packets on Trump Accounts during an event in Bismarck discussing the new accounts on May 11, 2026. (Photo by Michael Achterling/North Dakota Monitor)
BISMARCK, N.D. (North Dakota Monitor) – U.S. Rep. Julie Fedorchak, R-N.D., promoted new Trump Accounts Monday as a way for North Dakotans to save for their children’s future.
The accounts are part of a pilot program authorized in the One Bill Beautiful Bill Act. Parents of babies born between 2025 and 2028 can opt in to receive a one-time $1,000 government contribution to the new tax-deferred accounts.
Fedorchak is hosting a series of sign-up events to educate North Dakotans about how to enroll.
“This is all about helping the next generation achieve the American dream and invest in that,” she said during an event in Bismarck.
Parents who attended said the accounts will help educate their children about the value of investing and compound interest in addition to diversifying their savings options.
“It’s as much of an education thing as it is a dollar thing,” said Tom Engelhardt, a Bismarck grandfather and retired financial adviser.
Luke Mellmer, who has four children under age 5, said he likes that the accounts can be used for college, vocational training or purchasing a first home.
“It’s their money and they can use it however they want, and that’s what I want,” Mellmer said.
Other families with young children may also be eligible to receive a contribution to their Trump account. For families who live in communities with a median income of $150,000 or less, the first 25 million children under age 10 are eligible for a $250 donation.
Each investment account can receive up to $5,000 in additional contributions each year from parents, businesses or other benefactors.
Republican Sen. Ted Cruz suggested during a panel discussion earlier this month that the Trump Accounts are a step toward privatizing Social Security, The Hill reported.
Fedorchak said the Trump Accounts are not a substitute for Social Security benefits.
“We definitely don’t want folks thinking that Social Security is going away,” Fedorchak said. “There really is no connection to Social Security with this.”
Lynn Grimm of Bismarck said she sees the Trump Accounts as being in addition to Social Security benefits.
“I don’t think of it as a replacement at all,” Grimm said. She added the Trump Accounts should give parents a jump start on saving for their kids’ futures.
Critics including the Urban Institute have said the Trump Accounts are most likely to benefit wealthy families. Others have said the accounts are similar to existing options like 529 education investment savings accounts.
Funds for the Trump Accounts will be deposited into accounts starting July 4. The pilot program is scheduled to expire for new enrollees on Dec. 31, 2028.
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