Citigroup will match the U.S. government's initial $1,000 contribution to the proposed ‍Trump Accounts for ‍eligible employees' families, the U.S. lender announced on ​Thursday.

Trump Accounts, created as part of President Donald Trump's One Big ⁠Beautiful Bill Act and expected to be rolled out on ⁠July 4, will ‌see the U.S. Treasury deposit $1,000 of seed money into investment accounts for all children born ⁠between 2025 and 2028 with a valid social security number.

Citi's joins rivals Bank of America, Wells Fargo and JPMorgan Chase, who have all launched similar match programs.

The ⁠Citi Foundation is also ​commiting $5 million to create awareness of the program, encourage participation and provide enrollment support, ‍especially for low-income families.

Trump has urged American businesses to contribute ​to employees' family accounts. The president and his Republican Party have been seeking to address voters' affordability concerns ahead of the November midterm elections.

The accounts have been pitched by backers as a long-term wealth-building tool to help children build savings early in life.

Supporters argue that starting investments at birth can improve economic mobility and give future workers a stronger chance ⁠to climb the economic ladder.

Critics, however, ‌have flagged the risks of letting eighteen-year old adults freely access what could by then grow into a ‌considerable sum ⁠of money.

(Reporting by Ateev Bhandari in Bengaluru and Tatiana ⁠Bautzer in New York; Editing by Alan Barona)