As a continuation of President Donald Trump 's pitch to Americans on affordability and the economy under his administration, the U.S. Treasury and White House are celebrating the upcoming launch of a program they view as a key milestone: Trump Accounts.

A provision of Trump's tax legislation, Trump Accounts are meant to give $1,000 to every newborn, so long as their parents open an account. That money is then invested in the stock market by private firms, and the child can access the money when they turn 18.

A U.S. Treasury event Wednesday brought together an assortment of politicians and celebrities -- from Texas Republican Sen. Ted Cruz to rapper Nicki Minaj and NBC's "Shark Tank" judge Kevin O'Leary -- to discuss the program and its potential impact on the economy. Backers of Trump Accounts have said they're a way to help children from low-income households build wealth.

The investments will put money "in the hands of young Americans who otherwise have really started out with nothing," Trump said. He also called on employers across the country to make matching Trump Accounts contributions for employee benefits, as some companies have already pledged to do so.

"Every president in modern history has left our children with nothing but debt," Trump said. "But under this administration, we're going to leave every child with real assets and a shot at financial freedom."

Here's what you need to know about Trump Accounts and how to claim them.

It's a new savings tool where money is invested in the stock market on behalf of a child. The child can't access the money until they turn 18 and can only use it for specific purposes, such as paying tuition, starting a business or making a down payment on a home.

After a parent opens an account, the U.S. Treasury will contribute $1,000 for newborns. Private banks and brokerages will manage the money, which must be invested in U.S. equity index funds that track the stock market and charge the accounts no more than 0.10% in annual fees.

Parents can contribute up to $2,500 annually in pretax income, much like they do for retirement accounts. Parents' employers, relatives, friends, local governments and philanthropic groups can also pitch in. Yearly contributions are capped at $5,000, but contributions from governments and charities don't count toward that total.

"We're doing something much better than giving the next generation a handout," Trump said. "We're giving them ownership of America's future."