Claiming to give every child “a shot at financial freedom,” President Donald Trump is unveiling the new Trump Accounts initiative, which gives $1,000 to every newborn if their parents open an account.

The U.S. Treasury asked major philanthropic donors to contribute to new investment accounts for children Wednesday in part of what Secretary Scott Bessent called a “50 State Challenge” to raise funds for the Trump Accounts program.

Billionaires Michael and Susan Dell pledged a historic $6.25 billion on Tuesday to provide an incentive to families to adopt new investment accounts for children.

For the second year in a row, former New York City mayor Michael Bloomberg gave the most to charitable causes, according to the Chronicle of Philanthropy’s exclusive Philanthropy 50 list of the Americans who donated the largest sums to nonprofits last year.