Gate News message. On April 6, the U.S. Department of the Treasury selected Bank of New York Mellon and a financial technology company to participate in implementing the Trump account plan. Bank of New York Mellon will serve as the financial agent to manage the initial accounts, and both sides will also collaborate to develop a white-label application. The Trump account, also known as the 530A provision account, is a tax-deferred investment account program proposed by U.S. President Trump on June 9, 2025. It is intended to set up government-funded savings accounts for children of U.S. citizens who are born between January 1, 2025, and January 1, 2029. The initial amount for each account is $1,000, invested in index funds that track the U.S. stock market.
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