Two major US banks, JPMorgan Chase (commonly known as JPMorgan) and Bank of America, announced on Wednesday, January 28th that they will be making a one-time donation of $1000 to eligible employees’ children in the “Trump Account”, marking the latest companies to take such measures.
The “Trump Account” was established under the “One Big Beautiful Bill Act” enacted last year with the aim of providing a savings fund for American children to be used for certain expenses after they turn 18. This fund, similar to a retirement account, accepts contributions from children’s parents, employers, and other parties, and invests them to ensure continuous growth before maturity.
This is a pilot program provided to children born in the United States between January 1, 2025, and December 31, 2028, who meet the qualifications. The US Treasury will provide a one-time deposit of $1000 into these children’s “Trump Accounts” as seed money.
This initiative has attracted increasing support from wealthy individuals, ranging from technology mogul and Dell Technologies founder and CEO Michael Dell and his wife Susan Dell, Bridgewater Associates founder Ray Dalio to rapper Nicki Minaj.
JPMorgan Chase CEO Jamie Dimon stated in a press release on Wednesday, “JPMorgan Chase has demonstrated a long-term commitment to the financial health and well-being of all our employees and their families globally, including over 190,000 employees in the United States.”
Dimon added that by responding to government policies and providing an equivalent amount of initial funding, the company is helping employees start saving and investing for their children earlier and plan for their family’s financial future wisely.
According to Reuters, an internal memo sent to employees by Bank of America on Wednesday expressed appreciation for the “innovative solutions” provided by the government for employee savings.
Financial institutions dominate the list of companies providing donations to the “Trump Account”. In addition to these two largest US banks, investment management firms BlackRock, BNY Mellon, Robinhood Markets, Inc., internet financial services company SoFi, and Charles Schwab have also issued similar announcements.
(This article was referenced from CNBC’s report)