Treasury Department Pins BNY, Robinhood for Trump Account Management
The U.S. Treasury Department has selected BNY and Robinhood as brokers for President Donald Trump’s “Trump Accounts.”
BNY, along with Robinhood, will manage the national infrastructure for the program to provide initial trustee and brokerage services, according to an announcement from the Treasury Department.
“We are honored to be selected as financial agent for Trump Accounts. In collaboration with Robinhood, we are helping to expand access to financial opportunity for all Americans,” said Robin Vince, CEO of BNY, according to a statement. “BNY has been part of the fabric of the U.S. financial system since our country’s founding, and through this landmark initiative, will help more Americans invest in our economy, strengthen U.S. capital markets and give more children a foundation for long-term financial security.”
The two financial institutions are the first to join the Trump Accounts program.
“We are proud to power Trump Accounts with Robinhood’s technology and to work alongside a historic and trusted institution like BNY,” said Vlad Tenev, Chairman and CEO of Robinhood. “Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jumpstart their financial future.”
The Treasury Department also announced an incoming “Trump Accounts” app, to be created by the White House’s National Design Studio. The app will include a user interface and user experience and will be operated by the Treasury Department.
Trump Accounts offer a $1,000 federal seed contribution for children born between January 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number. Over four million children have enrolled in the program since the accounts opened.
The Treasury Department and the Internal Revenue Service (IRS) earlier this month released two pieces of regulation outlining how Trump Accounts would be established prior to its launch date on July 4, with more guidance on contributions, distributions, investments, and reporting requirements expected to come in the future.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.