US Treasury Taps BNY, Robinhood for Trump Accounts Rollout

“Trump Accounts” are long-term retirement savings accounts established by the US government for citizens born between 2025 and 2028. The government will deposit $1,000 for each eligible newborn. The program aims to give families an early principal investment that can grow with the market, helping them build assets for their children’s future education, home purchases or retirement.

The US Treasury has selected BNY as its financial agent, while online brokerage Robinhood will develop a dedicated digital management app and expects to invest $100 million. The program is scheduled to formally launch on July 4. Nasdaq and the New York Stock Exchange will also join forces for the first time to ring the opening bell at the White House. HOOD shares fell nearly 10% at one point in after-hours trading following the announcement.