Wall Street wants in on the 'Trump accounts' for babies
It took four years—and one important poker game—but a plan to set up investment accounts for young Americans is moving forward.
All manner of financial institutions are vying for a role in the program, from banks such as JPMorgan Chase to brokerages such as Charles Schwab.
The U.S. will seed each of the “Trump Accounts” with $1,000, costing $15 billion through 2034, and tech billionaire Michael Dell and his wife.
Susan Dell, said Tuesday they would donate $6.25 billion to expand the reach of the initiative.
Participating financial firms likely would earn lower management fees than their typical rates.
“I’ve heard from a number of them that they would all love to be a part of it,” Michael Dell said in an interview.
Many of the largest banks, brokers and asset managers plan to make pitches to the Treasury Department.