The Treasury Department is preparing to automatically open Trump Accounts for more than 60 million eligible children, removing a requirement that parents or guardians first sign up for the new savings program.

The automatic enrollment is expected to begin around Oct. 1 under temporary rules released Tuesday by the Treasury Department and Internal Revenue Service.

The accounts will be created for eligible children under 18 who have Social Security numbers and for whom a parent or guardian has not already filed an application.

Treasury officials said the automatic enrollment will continue periodically, with roughly 2 million additional accounts expected to be created each year as new eligible children are born.

The move significantly expands the reach of the program, which was created to give children an early start on long-term savings and investment. The official Trump Accounts website describes the initiative as a way to promote “long-term financial security for millions of kids.”

The automatic enrollment itself does not include the separate $1,000 government contribution available for children born from 2025 through 2028. Parents or guardians will still need to take action to request that contribution.

Automatically created accounts will initially be limited to the $1,000 government contribution and money provided by governments or nonprofit organizations.

Parents who want to contribute their own money or take advantage of employer contributions must claim the account through the Treasury's website or application. That process requires the parent or guardian to verify their identity and legal authority to manage the child's finances.

Once an account has been claimed, it can receive up to $5,000 in contributions each year, including as much as $2,500 from an employer.

The money is designed to be invested in low-cost index funds consisting primarily of U.S. stocks. Generally, funds cannot be withdrawn until the year the child turns 18, allowing the money to grow over many years.

The automatic enrollment is also intended to address the program's relatively low participation rate before the change. Treasury records showed that about 5.6 million electronic applications had been processed as of July 30, compared with an estimated 73.4 million eligible children.

The new rules could also expand the reach of major private contributions. The Michael & Susan Dell Foundation, for example, has pledged $6.25 billion for children born between 2016 and 2024 in ZIP codes with median household incomes below $150,000.

Donors can also contribute publicly traded stock to qualifying accounts, with such contributions generally required to remain invested for five years.

By automatically creating accounts rather than relying entirely on parents to complete an application, the Treasury Department is attempting to make sure millions of children have access to the new savings vehicle even if their families do not take action immediately.

The program will continue expanding as additional eligible children are automatically enrolled, while parents retain the ability to claim accounts and unlock the broader contribution options available under the program.