Trump Accounts Set to Launch Next Week Without Migration Option

The Trump administration is expected to launch “Trump Accounts” next week, but the program will not initially offer a way to migrate accounts, according to people familiar with the matter. According to Jin10, a source told Semafor that there is currently no mechanism allowing companies to custody children’s savings accounts on their own platforms. Institutions including Chime, Empower, Fidelity, and SoFi had hoped to quickly obtain approval from the U.S. Treasury Department to move these accounts onto their platforms. They aimed to migrate accounts from an application developed through cooperation among the Treasury Department, Bank of New York Mellon, and Robinhood in order to capture early user growth after the product launch. One person familiar with the situation said these institutions are now relying on relevant guidance being issued no later than August.