Treasury Department designates BNY as financial agent for ‘Trump Accounts’

The U.S. Department of the Treasury announced that it has designated The Bank of New York Mellon Corporation (BK) as a financial agent of the U.S. government to support implementation of the new Trump Accounts program. “Under this designation, BNY will manage the initial accounts and help develop the new Trump Accounts app – a secure, user-friendly platform that will enable families to easily access and manage their accounts. As part of this process, BNY has partnered with Robinhood (HOOD), which will serve as brokerage and initial trustee for Trump Accounts. Together, these partners will support Treasury’s goal of ensuring every eligible child can access a Trump Account quickly and easily. The Trump Accounts app is being developed as a custom, white-label product designed exclusively for Treasury. The National Design Studio, in conjunction with Robinhood, is creating an intuitive user interface and user experience that allows families to explore their Trump Accounts with confidence and ease. Treasury will retain control over the app and operations for these initial accounts,” the agency stated.