The White House’s announcement that it will automatically enroll millions of American children in Trump Accounts will chart a path to create individually-owned life savings for future generations.

The Internal Revenue Service will use its data to create a Trump Account for 60 million American children, providing $1,000 for babies born between 2025 and the end of 2028, along with a tax-advantaged investment account for all children younger than 18 that parents, guardians, employers and others can donate to.

The new regulations will also allow donations of appreciated stock into the accounts. Regular contributions will remain invested in an index fund, and individual company shares can be held in the accounts, provided they were donated to them.

Some billionaires are donating large sums to seed these accounts for American children. The CEO of Dell Technologies, Michael Dell and his wife Susan Dell, have pledged $6.25 billion for children born between 2016 and 2024.

Treasury says there are several donors who are ready to make contributions of stock on the scale of Dell’s, but who wouldn’t donate cash.

This will give millions of Americans a chance to be owners, not just workers. The next step will be to let these kids put their Social Security tax dollars into these accounts when they start working.