On Monday, the U.S. Treasury announced its designation of The Bank of New York Mellon Corporation (BK) as the financial agent to implement the newly created Trump Accounts program, established as an IRA in One, Big, Beautiful Bill, signed into law by President Trump. Big Wall Street banks had thrown their weight behind Trump Accounts, possibly hoping to be chosen as the accounts manager. While the contract itself is not a moneymaker, it comes with millions of new customers whose wealth might grow over time.
BNY partnered with Robinhood Markets (HOOD), in which capacity the fintech would serve as a brokerage and initial trustee for the accounts. Additionally, Robinhood and the U.S. government's National Design Studio are working on the Trump Accounts app.
