San Francisco Families to Receive $3.5M for New 'Trump Accounts'

Anonymous donor pledges funds to help newborns access federal savings program.

Published on Feb. 6, 2026

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An anonymous donor has pledged $3.5 million to help San Francisco families access the new federally created 'Trump accounts' for newborns. The gift, announced by Mayor Daniel Lurie, will provide roughly $500 per eligible baby born in the city this year to kick-start the accounts, which allow parents, relatives, and others to contribute to the child's future education, home purchase, or business startup.

Why it matters

The Trump accounts are a new federal program aimed at boosting financial security for American families. This donation will make it easier for San Francisco's lower and middle-income families to take advantage of the program, which provides a $1,000 government seed deposit and tax-advantaged growth. However, the mayor's reliance on private philanthropy has raised concerns about transparency and influence.

The details

The $3.5 million pledge will help San Francisco families navigate the Treasury Department's enrollment process to open the Trump accounts for their newborns. While the money won't be immediately available, it will supplement the $1,000 federal seed deposit once the accounts become active in mid-2026. Several major employers have also said they will match the government's $1,000 contribution for eligible employees' children.

  • The $3.5 million pledge was announced on February 6, 2026.
  • The federal Trump accounts are set to roll out enrollment in mid-2026.

The players

Daniel Lurie

The mayor of San Francisco who announced the $3.5 million donation to help families access the new Trump accounts.

The Treasury Department

The federal agency overseeing the Trump accounts program, which provides a $1,000 seed deposit and tax-advantaged growth for eligible children's savings.

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What they’re saying

“It's crucial that we support our kids and families in San Francisco.”

— Daniel Lurie, Mayor (San Francisco Chronicle)

What’s next

City officials say they will provide more details on how the $3.5 million will be distributed and the steps families must take to get the city contribution into their children's Trump accounts as the federal enrollment process takes shape.

The takeaway

This donation highlights both the potential benefits and concerns around the Trump accounts program. While it will help lower and middle-income San Francisco families build savings for their children's futures, the mayor's reliance on private philanthropy raises transparency issues that the city will need to address.