Treasury Designates BNY as Financial Agent for Trump Accounts

BNY and Robinhood will help run ‘Trump Accounts’ for children

Bank of New York Mellon and the brokerage Robinhood will work with the federal government to handle the so-called Trump accounts, a tax-sheltered savings system for children, the Treasury Department said Monday.

STOCK MARKET: Trump Accounts put Robinhood in front of the next generation of investors, says CEO Vlad Tenev

Robinhood’s new partnership with the U.S. Treasury Department on children’s so-called Trump Accounts is going to drive exposure to the company among emerging investors, benefiting its future growth, according to Vlad Tenev. On Monday, the Treasury said it has selected Robinhood alongside BNY Mellon to help power Trump accounts – tax-deferred, custodial-style investment accounts for children set to launch this summer with a $1,000 seed contributi…

Treasury Selects BNY, Robinhood as Financial Agent for Trump Accounts Program

The U.S. Department of the Treasury has named The Bank of New York Mellon Corp. as a financial agent to assist the launch of the new Trump Accounts program, which will provide families easy access to bonus accounts for eligible children.  BNY is tasked with managing initial accounts and partnering on the development of a Trump Accounts app, a custom, white-label product made for the Treasury Department. Robinhood will also act as a brokerage and…

BNY, Robinhood to launch Trump Accounts

The Bank of New York Mellon Corporation and Robinhood beat out a host of competitors to launch Trump Accounts this summer, the Treasury Department said on Monday. BNY will manage the accounts and develop a Treasury-branded app while partnering with Robinhood, which will serve as brokerage. Other firms’ involvement with the launch will be limited to rolling over the accounts to their platforms, a Treasury spokesperson confirmed to Semafor. Those …

BNY selected as financial agent for Trump Accounts initiative

Treasury says Bank of New York will manage initial Trump Accounts ahead of program launch

The pilot program allows parents, guardians and family members to invest up to $5,000 a year starting in July, and the Treasury Department will be making a one-time $1,000 investment into funds for babies born between Jan. 1, 2025, and Dec. 31, 2028.