Treasury designates BNY as financial agent for Trump Accounts program
WASHINGTON, April 6 (Reuters) - The Bank of New York Mellon Corporation has been chosen as a financial agent of the U.S. government to support implementation of the new Trump Accounts program, the U.S. Treasury Department said on Monday.
BNY will help develop the Trump Accounts app as part of the process and will manage the initial accounts, the Treasury said. Robinhood will serve as brokerage and initial trustee of the accounts.
BNY CEO Robin Vince said in a statement that the firm was "honored" to be selected, and aims to give more children long-term financial security.
"Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jumpstart their financial future," said Robinhood CEO Vlad Tenev in a statement.
Trump Accounts are the government-supported investment accounts for newborns in the United States introduced by U.S. President Donald Trump in January. The Treasury has said it will deposit $1,000 into investment accounts for all children born between 2025 and 2028, with some 25 million families estimated to be eligible.
(Reporting by Doina Chiacu and Bhargav Acharya; Editing by Janane Venkatraman)