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Treasury Designates BNY as Financial Agent for Trump Accounts
The program includes a $1,000 Treasury seed deposit for eligible children and allows annual contributions of up to $5,000, officials said.
- On Monday, the Treasury Department named Bank of New York Mellon as the financial agent for Trump Accounts, with Robinhood appointed as the brokerage and initial trustee.
- Trump accounts are tax-deferred investing accounts for children born between 2025 and 2028, featuring a one-time $1,000 Treasury deposit launching July 4.
- By March 31, taxpayers had registered more than 4 million children for the accounts, with over 1 million qualifying for the seed money by filing IRS Form 4547.
- Vlad Tenev, chair and CEO of Robinhood Markets, and BNY's CEO Robin Vince are collaborating on a custom app, while large employers have pledged to match the government's deposits.
- Questions remain regarding how financial planning and advisor-type guidance will be integrated for new savers, according to Madeline Brown, senior policy associate at the Urban Institute.
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Treasury says Bank of New York will manage initial Trump Accounts ahead of program launch
The pilot program allows parents, guardians and family members to invest up to $5,000 a year starting in July, and the Treasury Department will be making a one-time $1,000 investment into funds for babies born between Jan. 1, 2025, and Dec. 31, 2028.
·Washington, United States
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Total News Sources14
Leaning Left1Leaning Right2Center5Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
13%
C 62%
R 25%
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