The U.S. Treasury Department has designated Bank of New York Mellon (BNY) as the financial agent for a new savings program called "Trump Accounts," according to multiple reports.

The program will offer tax-sheltered savings and investment accounts designed for children, with deposits expected to begin this summer. Robinhood will partner with BNY to develop the application platform for the accounts.

The Treasury's designation of BNY as the financial agent represents a key step in implementing the new savings initiative. The accounts are structured as tax-advantaged vehicles, similar to other government-backed savings programs.

Details about contribution limits, investment options, and eligibility requirements for the Trump Accounts have not been fully disclosed. The program appears to be part of broader financial policy initiatives targeting family savings and investment opportunities.

The partnership between BNY, a major custodial bank, and Robinhood, a retail trading platform, combines traditional financial infrastructure with modern digital interfaces to deliver the new accounts to consumers.