Trump accounts will be run by BNY Mellon and Robinhood

The Treasury said BNY Mellon will be the financial agent and Robinhood the brokerage and initial trustee for new Trump accounts, which will begin accepting deposits in July. The IRS reports four million children are enrolled and about one million qualify for a $1,000 federal seed contribution.

BNY Mellon and Robinhood will work with the Treasury to implement the new Trump accounts, a tax-sheltered savings and investment program for children. The accounts were created last year as part of President Trump's domestic spending bill and will start accepting deposits in July. The Internal Revenue Service reports that four million children have been enrolled so far and about one million qualify for a $1,000 federal seed contribution. The National Design Studio will collaborate with Robinhood on the accounts' app. Key facts: - BNY Mellon is the designated financial agent responsible for managing the initial accounts. - Robinhood will serve as the accounts' brokerage and initial trustee and will help design the program's app with the National Design Studio. - The accounts were established by last year's federal spending bill and will begin accepting deposits in July. - The IRS reports four million children enrolled so far; about one million are eligible for a $1,000 government seed contribution. - Michael and Susan Dell donated more than $6 billion to seed accounts for about 25 million children in qualifying ZIP codes, providing $250 per child. Summary: The announced arrangements assign BNY Mellon and Robinhood operational roles as the government readies the accounts for deposit activity this summer. The program is framed as a tax-sheltered savings and investment vehicle for children, with contributions allowed from parents, relatives, employers and others and funds generally locked until age 18. The government has said it intends to expand the program over time to allow account transferability.