04.06.26

Treasury Designates BNY as Financial Agent for Trump Accounts

by: Doina Chiacu; Bhargav Acharya

The U.S. Treasury Department has designated Bank of New York (BNY) Mellon as a financial agent to support the rollout of the new “Trump Accounts” program. BNY will manage initial accounts and help develop the program’s app, while Robinhood Markets will act as brokerage and initial trustee. The initiative provides government-backed investment accounts for newborns, with $1,000 deposited for each child born between 2025 and 2028. The program is expected to benefit around 25 million families and aims to encourage long-term investing from an early age.

Read the full article on Reuters