WASHINGTON, D.C. — Families may soon have access to a new government-backed financial account program for children, as the Treasury Department moves forward with private-sector partners to build and manage the system.
What This Means for You
- A new account program for eligible children is being developed with federal oversight
- Families may manage accounts through a dedicated mobile app
- Private financial firms will operate the system under Treasury supervision
The Department of the Treasury designated The Bank of New York Mellon Corporation as a financial agent of the federal government to support the rollout of the “Trump Accounts” program.
A financial agent is a private institution authorized to perform services on behalf of the federal government, such as managing funds or administering accounts, under strict oversight and security requirements.
How the Program Will Work
Under the arrangement, BNY will manage the initial accounts and help develop a mobile application that allows families to access and manage them.
The app is being built as a custom platform for Treasury and is intended to provide a secure and user-friendly way for participants to monitor their accounts.
Treasury will retain control over the application and the operation of the accounts.
Private-Sector Partnerships
BNY is partnering with Robinhood, which will serve as the brokerage firm and initial trustee. A trustee is an entity responsible for managing assets on behalf of account holders.
The National Design Studio is also involved in developing the app’s interface and user experience in collaboration with Robinhood.
Officials said the partnership is intended to accelerate the rollout and ensure the system is accessible to eligible families.
Oversight and Safeguards
Treasury officials said the agency has statutory authority to appoint financial agents and will maintain oversight of all operations tied to the program.
The department said it will enforce performance standards and security controls designed to protect public funds and ensure the system operates in the government’s interest.
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