The United States Treasury Department designated the Bank of New York Mellon Corporation (BNY) and Robinhood Markets Inc. to help set up and manage the "Trump Accounts," an investment tool for children under 18, the Wall Street Journal reported on Monday, citing the department.
An official confirmation is expected later today. The two firms are said to have teamed up to develop a Trump Accounts app and provide customer service. The app is said to be a custom product for the Treasury, bearing no BNY or Robinhood branding. "Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jumpstart their financial future," Robinhood's CEO Vlad Tenev was quoted as saying.
The BNY's stock grew 0.97% following the report, going for $123.25 at 10:46 am ET, while Robinhood's stock increased 0.58%, trading for $69.30.
https://breakingthenews.net/Article/US-firms-may-help-run-Trump-Accounts-for-children/66015464
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