Treasury Taps BNY Mellon and Robinhood for Trump Accounts Program Serving Millions of Newborns

The U.S. Treasury Department has designated Bank of New York Mellon ($BK) as a financial agent to support implementation of the new Trump Accounts program, with Robinhood ($HOOD) serving as brokerage and initial trustee. The program, introduced earlier this year, provides government-backed investment accounts for U.S. newborns, including a $1,000 federal contribution for eligible children born between 2025 and 2028.

• BNY will manage initial accounts and help develop a Treasury-controlled mobile app for account access.
• Robinhood will provide brokerage services and act as initial trustee for the accounts.
• The Treasury estimates roughly 25 million families will be eligible for the program.
• Approximately 4 million children have already been signed up, with about 25% eligible for the $1,000 deposit.
• Accounts must be invested in low-cost U.S. stock index funds until beneficiaries reach age 18.
• Funds grow tax-deferred and transition to IRA-style tax treatment when the child turns 18.
• Participants will be able to roll over accounts to other financial institutions after an initial period.
• Bank of New York Mellon has lobbied on legislation and regulation affecting custody banking and tax treatment of financial services, according to federal disclosures.
• Robinhood has lobbied on issues related to brokerage regulation and retail investor access, according to federal disclosures.

Relevant Companies

• BK – Selected as Treasury’s financial agent, responsible for managing accounts and infrastructure.
• HOOD – Serving as brokerage and trustee, providing investment access and platform integration.

Editor’s Note: This is a developing story. This article may be updated as more details become available.