WASHINGTON, April 6 - The U.S. Treasury Department said on Monday that The Bank of New York Mellon Corporation has been selected to serve as a financial agent for the government to support the rollout of the new Trump Accounts program.
According to the Treasury, BNY Mellon will assist in the development of the Trump Accounts mobile application and will oversee the management of the initial accounts established under the program. The Treasury named Robinhood as the brokerage provider and the initial trustee responsible for the accounts.
The Trump Accounts initiative, introduced by U.S. President Donald Trump in January, is a government-supported investment account plan for newborns in the United States. Under the parameters provided by the Treasury, the government will deposit $1,000 into investment accounts for every child born between 2025 and 2028. The Treasury estimates that roughly 25 million families will be eligible for the deposits.
Officials described BNY Mellon’s role as focused on building the technical infrastructure and operating the first set of accounts, while Robinhood’s role will be to serve as the brokerage and act as the initial trustee. The Treasury’s announcement framed these designations as part of the early implementation steps for the program.
Program mechanics highlighted by the Treasury
- BNY Mellon will help develop the Trump Accounts app and manage the initial accounts.
- Robinhood will serve as the brokerage and the initial trustee of the accounts.
- The Treasury plans to deposit $1,000 into accounts for children born from 2025 through 2028, with about 25 million families estimated to be eligible.
The Treasury's announcement provides the core operational assignments and the eligibility window, but many implementation details beyond the designated roles and the one-time deposit amount were not outlined in the statement. The designations of BNY Mellon and Robinhood mark the first named private-sector participants charged with bringing the Treasury’s stated elements of the program into operational reality.
As an initial phase, the named assignments indicate the Treasury's approach of partnering with established financial firms to support account setup and early custody functions. The Treasury’s estimate of eligible families and the timeframe for births covered are part of the public summary of the program.