Treasury Department Designates BNY as Financial Agent to Support New Trump Accounts Program
WASHINGTON, D.C. (STL.News) The U.S. Department of the Treasury today announced that it has designated The Bank of New York Mellon Corporation (“BNY”) 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. This secure, user-friendly platform will enable families to access and manage their accounts easily.
As part of this process, BNY has partnered with Robinhood, which will serve as the 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.
About Treasury’s Financial Agent Authority
The Treasury has longstanding statutory authorities to designate qualified financial institutions as financial agents to perform services for the U.S. government in a fiduciary capacity. Treasury maintains strict oversight, performance standards, and security controls to safeguard public funds and promote the government’s best interests.
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