Catenaa, Monday, April 06, 2026- The US Treasury Department said Monday that it is tapping Bank of New York Mellon and Robinhood Markets for the Department’s new Trump accounts program coming this summer.
Along with managing these new investing accounts, the bank is responsible for helping develop an associated app, according to the Treasury Department’s release. BNY has partnered with Robinhood, which will serve as the brokerage and initial trustee for the Trump accounts.
“Together, these partners will support the Treasury’s goal of ensuring every eligible child can access a Trump Account quickly and easily,” the release stated.
BNY shares rose as much as 1.5% in Monday trading. The stock is up 6% for the year so far, notably outperforming among lenders and other financial stocks in that period.
“We are honored,” BNY CEO Robin Vince said in a statement.
“BNY has been part of the fabric of the U.S. financial system since our country’s founding and, through this landmark initiative, will help more Americans invest in our economy, strengthen US capital markets, and give more children a foundation for long-term financial security,” Vince added.
Trump accounts are tax-advantaged investment accounts included in the One Big Beautiful Bill Act that President Trump signed into law last year.
Under the initiative, the government plans to automatically seed an account with $1,000 for each child born from January 1, 2025, through the end of 2028. The government estimates that if $5,000 per year is contributed to the accounts, they could reach as much as $271,000 by the time the child is 18.
In guidance released in December, the government said that the Treasury Department would select one or more financial institutions to be a trustee for the initial accounts. That same guidance also called for trustees of rollover accounts. Accounts are created by filling out a form when filing taxes or by signing up on the government’s Trump accounts website.
Wall Street firms have eyed the Trump accounts contract for some time as a steady revenue stream that comes with some prestige and face time with US officials.
Along with Robinhood, Charles Schwab, BlackRock, and Chime Financial, BNY was early in announcing plans to match the federal government’s $1,000 contribution to the Trump accounts for its employees.
BNY Mellon has played a unique role in the history of the US Treasury Department. One of its predecessors, the Bank of New York, was started over 240-years ago by Alexander Hamilton before he became the nation’s first Treasury Secretary. It also gave the federal government its first loan.
BNY was formed in 2007 after the Bank of New York merged with the Mellon Financial Corporation, a financial institution formed by the family of Andrew Mellon.
Mellon served as Treasury Secretary during the roaring 1920s through the Wall Street crash of 1929.
Under current CEO Robin Vince, the bank is in year four of a ten-year transformation journey to boost its productivity and revenue, according to BofA equity analyst Ebrahim Poonawala.
