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

“The president is calling on our nation’s business leaders and philanthropic organizations to help us make America great again by securing the financial future of America’s children,” Bessent said in an address.

The billionaire hedge fund founder Ray Dalio, along with his wife Barbara, announced they would commit $250 to 300,000 children under 10 in Connecticut who live in ZIP codes where the median income is less than $150,000. Dalio founded the investment firm Bridgewater Associates and lives in Connecticut.

“I have been fortunate to live the American Dream. At an early age I was exposed to the stock market, and it changed my life,” Ray Dalio said in a statement, adding that he sees the accounts as putting children on a path toward financial independence.

The Dalios’ $75 million commitment follows the $6.25 billion pledge from billionaires Michael and Susan Dell earlier in December. The Dells promised to invest $250 in the accounts of 25 million children 10 and under who live in ZIP codes across the country that also have that median income.

The new investment accounts were created as part of President Donald Trump’s tax and spending legislation, passed over the summer. Under the new law, the U.S. Department of the Treasury will deposit $1,000 into the investment accounts of children born during Trump’s second term.

The Treasury has not yet launched the new accounts.

“Starting on July 4th, our nation’s 250th anniversary, parents, family members, employers and friends will be able to contribute up to $5,000 to each Trump Account each year,” Bessent said Wednesday.

Brad Gerstner, a venture capitalist, who championed the accounts, said the Treasury will create an account for every child in the U.S. who has a Social Security number but private companies will eventually administer the accounts. Parents or guardians will have to claim the accounts on behalf of their children. For children born before Trump came to office and who don’t qualify for the funds from the Dells and the Dalios, their families can open and fund their own Trump Account if they choose.

Money in the accounts must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, to buy a home or to start a business.

Bessent said employers, family members and philanthropists can put funds into the accounts and that the administration hopes states will also eventually set up programs to invest in the accounts. Companies including Visa and BlackRock have also pledged to contribute in some way to the accounts of their employees’ children.

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Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.

CONNECTICUT (WTNH) — Connecticut officials and officials from 35 other states have agreed to a settlement with automakers Hyundai and Kia to come up with a plan to help prevent vehicles from being stolen. 

Connecticut Attorney General William Tong (D) and 35 other states call the settlement, which has been several years in the making, a matter of public safety. The issue concerns the number of Hyundai and Kia vehicles that have been reported stolen and crashes related to these thefts.

The settlement provides up to $4.5 million in restitution for customers whose cars had been stolen.

“This settlement points us back in the right direction to help address some of the underlining issues that have made it easier to steal vehicles,” Meriden Police Chief Roberto Rosado said.

Tong said that groups of young people known as “Kia Boys” were aware that Kia and Hyundai vehicles did not possess modern anti-theft technology, making those brands of vehicles more vulnerable to theft.

One such example is a 2023 incident in which a group of teens reportedly stole and crashed a Hyundai in Waterbury, resulting in the death of a 14-year-old girl. 

“Connecticut State Police have been saying for some time that they needed some assistance, that they needed help in reducing the opportunity for these vehicles to be stolen,” Connecticut Department of Emergency Services Commissioner Ronnell Higgins said.

Several states have attempted to get Hyundai and Kia to alter the way their vehicles are built in the United States, finally coming to an agreement with the two automakers to provide an anti-theft device to protect the vehicles. 

“At some point, they started offering excuses,” Tong said. “You can do just a software update, that will fix it. That didn’t work. We advocated for a recall, they refused. This settlement requires that, for all future vehicles sold in the United States, Hyundai and Kia will install, as part of their standard package, industry engine immobilizer anti-theft technology.”

The technology is linked to the key fob, which means that the car will not start if the smart key is not present.

Connecticut is requiring Kia and Hyundai to provide customers with a free zinc-reinforced engine cylinder protector for vehicles already on the road that are not equipped with the anti-theft technology.