The U.S. Department of the Treasury has designated The Bank of New York Mellon as a financial agent of the U.S. government to support implementation of the new Trump Accounts program.
With this designation, BNY Mellon will manage the initial accounts and help develop the new Trump Accounts app on which users can access and manage their accounts. BNY Mellon is partnering with Robinhood for this project. Robinhood will serve as brokerage and initial trustee for Trump Accounts.
“We are honored to be selected as financial agent for Trump Accounts. In collaboration with Robinhood, we are helping to expand access to financial opportunity for all Americans,” Robin Vince, CEO of BNY Mellon, said. “BNY has been part of the fabric of the U.S. financial system since our country’s founding, and through this landmark initiative, will help more Americans invest in our economy, strengthen U.S. capital markets and give more children a foundation for long-term financial security.”
As financial agent, BNY Mellon will manage the national infrastructure for the program and collaborate with Robinhood to provide initial trustee and brokerage services.
“We are proud to power Trump Accounts with Robinhood’s technology and to work alongside a historic and trusted institution like BNY,” Vlad Tenev, chairman and CEO of Robinhood, said. “Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jumpstart their financial future.”
The National Design Studio, in conjunction with Robinhood, is developing a user interface and user experience for the app. Treasury will retain control over the app and operations for these initial accounts.
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 interest.