US Treasury Taps BNY, Robinhood to Help Run Trump Accounts for Children, WSJ Reports

Bank of New York Mellon and Robinhood are the early winners in Wall Street’s race to play a role in setting up and running Trump accounts, a new savings tool for children created under last year’s tax law, the Wall Street Journal reported.

The Treasury Department is announcing Monday that it has designated BNY as a financial agent to manage the initial accounts. The bank is partnering with Robinhood Markets to tap its design and technology know-how to develop a Trump Accounts app and provide customer service, according to the department.

Bank of New York Mellon and Robinhood both rose more than 1% in morning trading.