Bank of NY, Robinhood Named to Administer Trump Accounts

Financial services firm Bank of New York Mellon Corp. and investment platform Robinhood are partnering to help the Treasury Department administer so-called Trump accounts, new savings vehicles geared toward children, according to a news release.

The Bank of New York Mellon Corp. will manage the initial accounts and help create a Trump Accounts app, which aims to provides families with easy access to their accounts. Robinhood will serve as the brokerage and initial trustee of the accounts.

Created by the 2025 GOP tax law, Trump accounts have received contribution pledges from several big names in business. The federal government ...