(NEXSTAR) – Among the 1,000-plus pages of President Trump's tax bill is a proposal that would put federal money into accounts for babies born during his second term.

Initially dubbed "Money Accounts for Growth and Advancement" (MAGA), the savings proposal was recently renamed "Trump account."

Sen. Ted Cruz (R-TX), who is credited with coming up with the idea, calls the $1,000 investments "transformative" for future generations.

“There are many Americans who don’t own stocks or bonds, are not invested in the market, and may not feel particularly invested in the American free enterprise system. This will give everyone a stake,” Cruz told Semafor.

The idea itself, to give babies a financial head start when it comes to education, homeownership and financial success, is not new, however. A similar plan has been implemented in Connecticut and another proposed by Sen. Cory........

© The Hill