Israel Anthem, a 38-year-old father in Nashville, has decided against enrolling his 14-month-old daughter in the government-backed savings plan bearing the president's name, telling Fortune he would rather deposit $1,000 from his own pocket. Nearly 70 million of these plans were created through automatic enrollment, according to a White House spokesman, and a Treasury official said more than $8 billion has been deposited. Parents still must claim them before managing them or asking for the federal $1,000 contribution available to eligible children. Treasury figures showed over 6.5 million families had enrolled by July, and by August more than 50 employers had committed to matching the $1,000 for workers' children. The accounts are restricted until the year a child turns 18.
Why it matters: Because uptake depends on parents claiming accounts, political objections raise questions about how many eligible children receive the federal deposit.
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