The U.S. government is considering giving Robinhood (HOOD) a key role in overseeing the Trump accounts being created for millions of children, Paige Smith, Loukia Gyftopoulou, Annie Massa and Todd Gillespie of Bloomberg report, citing people familiar with the matter. Robinhood has begun preparing in case it is selected to become a trustee for the project, sources told Bloomberg. Some of the largest brokerages, including Fidelity and Vanguard, have so far not been on the list of candidates considered for the initial rollout, sources added. A selection is expected to be announced soon, and the Treasury Department has considered selecting up to three companies to serve as the initial trustees, the people said. Shares of Robinhood are up 4%, or $3.70, to $104.94 in after-hours following the report.
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