"The matching pledges for Trump Accounts come amid escalating tensions between the Trump administration, on the one hand, and JPMorgan CEO Jamie Dimon and Bank of America CEO Brian Moynihan, on the other. Trump sued JPMorgan and Dimon for $5 billion on Jan. 22, alleging the bank had closed his personal and business accounts post-Jan. 6, 2021, due to unsubstantiated, "woke beliefs" and political discrimination-a claim JPMorgan flatly denies."
"Trump Accounts, enacted through the One Big Beautiful Bill Act, are tax-deferred investment accounts for children under 18. The government automatically seeds $1,000 into accounts for newborns from Jan. 1, 2025 to Dec. 31, 2028 invested in low-cost U.S. stock market index funds that mirror broad market performance. Treasury estimates suggest these could grow to $1.9 million by age 28 through compounding interest, providing a nest egg inaccessible until age 18 except for qualified rollovers."
JPMorgan Chase and Bank of America pledged to match the federal $1,000 seed for eligible employees' children in the Trump Accounts program. The matching comes amid legal and public clashes between the Trump administration and bank executives, including a $5 billion lawsuit against JPMorgan and actions affecting Bank of America's CEO at Davos. Trump Accounts are tax-deferred investment accounts seeded with $1,000 for newborns between Jan. 1, 2025 and Dec. 31, 2028, invested in low-cost U.S. index funds. Treasury projects potential growth to about $1.9 million by age 28, with funds restricted until age 18 except for qualified rollovers. Michael and Susan Dell pledged $6.25 billion to target 25 million children in lower- and middle-income ZIP codes.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]