Dhaka, Oct. 5 -- Almost every American child now has a federal nest egg stamped with two names: their own, and President Donald Trump's.

The US Treasury Department has automatically enrolled more than 60 million children in the accounts, The New York Times reports.

The Treasury announced the move on Thursday, covering every eligible child, meaning anyone with a Social Security number who will not turn 18 before the year ends.

Known as Trump or 530A accounts, the tax-deferred savings vehicles were introduced in July.

They are essentially starter individual retirement accounts (IRAs). Parents, guardians and others can put in up to $5,000 a year, while relatives, employers, philanthropists, governments and charities can also contribute....