(NEXSTAR) – On Monday, President Trump promoted the so-called "Trump Accounts" during a roundtable meeting with lawmakers and business leaders, including the CEOs of Dell, Uber and Goldman Sachs, among others.

Related video above: Trump and Musk feud continues over 'big, beautiful bill'

“This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation,” Trump said at the meeting. “They’ll really be getting a big jump on life, especially if we get a little bit lucky with some of the numbers and the economy.”

The proposal, part of Trump's "big, beautiful bill," would create tax-deferred investment accounts for infants that start with $1,000 per child. Once the child reaches age 18, they would be able to take out money to put toward a down payment for a home, education or to start a small business. If the money is used for other purposes, it'll be taxed at a higher rate.