Donald Trump

Robinhood

President Donald Trump

The U.S. Department of the Treasury <a href="https://home.treasury.gov/news/press-releases/sb0433" rel="noopener noreferrer nofollow">announced</a> on Apr. 6 that it has designated The Bank of New York Mellon Corporation (NYSE: BK) as&nbsp;the U.S. government's financial agent to help implement the new <a href="https://www.thestreet.com/crypto/markets/popular-crypto-exchange-joins-growing-list-of-trump-accounts-sponsors" rel="noopener noreferrer nofollow">Trump Accounts program</a>.
BNY has partnered with Robinhood (Nasdaq: HOOD), which will serve as a brokerage and initial trustee for Trump Accounts.
<a href="https://www.thestreet.com/crypto/markets/largest-u-s-crypto-exchange-announces-support-for-trump-accounts" rel="noopener noreferrer nofollow">Related: Largest U.S. crypto exchange announces support for Trump Accounts</a>
<h2 id="understanding-trump-accounts">Understanding Trump Accounts</h2>
The <a href="https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions" rel="noopener noreferrer nofollow">Trump accounts program</a> is part of the Working Families Tax Cuts (Section 70204) provision of the One Big Beautiful Bill Act (OBBBA) that President Donald Trump signed into law on July 4 last year.
The account features a pilot program contribution of $1,000 from the U.S. Treasury for children who are born between Jan. 1, 2025, and Dec. 31, 2028, are U.S. citizens, and hold a valid Social Security number.
An American child under the age of 18 holding a valid Social Security number is eligible for the account.
While the funds in the accounts can be invested in certain mutual funds or exchange-traded funds that track a U.S. stock index such as the S&amp;P 500, no crypto investment is allowed.
One can't withdraw money from these accounts until the child turns 18. Once the account holder is an adult, the Trump account will be treated like a traditional individual retirement account (IRA) with similar tax rules.
Trump Accounts launches on July 4, 2026.
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<h2 id="how-bny-mellon-robinhood-will-help-run-trump-accounts">How BNY Mellon, Robinhood will help run Trump Accounts</h2>
Treasury said both BNY Mellon and Robinhood will support the administration's goal of ensuring every eligible child can access a Trump Account quickly and easily.
BNY will manage the initial accounts and help develop the new Trump Accounts app, a custom, white-label product designed exclusively for Treasury.
The National Design Studio, in conjunction with Robinhood, will take care of the app's user interface and user experience.
Robinhood, the e-trading platform popular for its crypto and tokenized stock offerings, had last year&nbsp;<a href="https://www.thestreet.com/crypto/markets/major-s-p-500-company-pledges-1000-per-child" rel="noopener noreferrer nofollow">committed</a> to&nbsp;contributing $1,000 each to Trump Accounts for eligible children of its employees.
<a href="https://www.thestreet.com/crypto/markets/popular-crypto-exchange-joins-growing-list-of-trump-accounts-sponsors" rel="noopener noreferrer nofollow">Related: Popular crypto exchange joins growing list of Trump Accounts sponsors</a>

U.S. Treasury taps BNY, Robinhood to run Trump Accounts for American children

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