The U.S. Treasury Department has selected Bank of New York Mellon Corporation (BNY) as the financial agent for implementing the Trump Accounts program, according to announcements from multiple sources.
Key Takeaways
The U.S. Treasury has chosen The Bank of New York Mellon (BNY) as its financial agent for implementing the Trump Accounts program, with Robinhood serving as brokerage and initial trustee. This government-supported investment initiative will provide $1,000 deposits to newborns' accounts from 2025-2028.
- Treasury selects BNY Mellon as financial agent for Trump Accounts
- Robinhood to develop app and serve as brokerage
- Program offers $1,000 initial deposit for eligible children born between 2025-2028
- Over 4 million children signed up with 1 million eligible for pilot program
- Parents can contribute up to $5,000 annually
As reported by Reuters and CNBC, BNY will manage initial accounts and develop a custom app in collaboration with Robinhood Markets. The Treasury has stated that this initiative aims to provide $1,000 deposits into investment accounts for all children born between 2025 and 2028.
According to UPI and CNBC, the program is scheduled to launch on July 4th with a one-time deposit from the Treasury. Robinhood will serve as both brokerage and initial trustee of these tax-deferred investing accounts. The IRS has indicated that over 4 million children have been signed up for Trump Accounts so far.
Parents can enroll their eligible children by filing IRS Form 4547 with their tax returns or through the dedicated website, TrumpAccounts.gov. As reported by CNBC and UPI, an authentication process is expected to begin in May, with funds becoming available on July 4th. Parents and others can contribute up to $5,000 annually.
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