Jan 29 (Reuters) – The U.S. government is considering selecting fintech firm Robinhood Markets to help oversee the “Trump accounts” it plans to open for millions of children, Bloomberg News reported on Thursday, citing people familiar with the matter.
Robinhood has begun internal preparations in case it is selected to become a trustee for the project, the report said, adding that some brokerages, including Fidelity Investments and Vanguard Group, have so far not been on the list of candidates considered for the initial rollout or solicited about it.
Reuters could not immediately verify the report. Robinhood declined to comment on the report, while the U.S. Treasury Department did not immediately respond to Reuters’ request for comment.
U.S. President Donald Trump rolled out on Wednesday his government-supported investment accounts for newborns in the United States, in which the Treasury says it will deposit $1,000 for all children born between 2025 and 2028, with some 25 million families estimated to be eligible.
Trump on Wednesday urged American businesses to contribute to employees’ family accounts. With no additional contributions, the administration expects the accounts to be worth $5,800 by the time the newborn babies turn 18.
A selection is expected to be announced soon, and the Treasury Department has considered selecting as many as three firms to serve as the initial trustees, Bloomberg News reported.
(Reporting by Fabiola Arámburo in Mexico City; Editing by Leroy Leo)
Comments