Treasury Selects BNY, Robinhood as Financial Agent for Trump Accounts Program

The U.S. Department of the Treasury has named The Bank of New York Mellon Corp. as a financial agent to assist the launch of the new Trump Accounts program, which will provide families easy access to bonus accounts for eligible children.  BNY is tasked with managing initial accounts and partnering on the development of a Trump Accounts app, a custom, white-label product made for the Treasury Department. Robinhood will also act as a brokerage and initial trustee for the Trump Accounts. The National Design Studio, an agency of the White House, will also help to design the user interface. The Treasury Department will have full control over the app and operation for the initial accounts. ...