BNY to manage Trump Accounts ahead of program’s launch

The Treasury Department announced Monday that the Bank of New York Mellon Corporation (BNY) has been designated as a financial agent of the federal government to support implementation of the Trump Accounts program ahead of its launch in July.

BNY will help develop the Trump Accounts app and manage the initial accounts, which are designed to support children’s long-term savings. Robinhood will serve as the brokerage and initial trustee for the accounts.

“Together, these partners will support Treasury’s goal of ensuring every eligible child can access a Trump Account quickly and easily,” the Treasury Department said in its announcement.

Trump Accounts are a new type of individual retirement account (IRA) that parents or guardians can elect to open on behalf of eligible children. Contributions to the investment accounts can be made by the employer of an eligible child’s parent or guardian or by certain government entities and........

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