JPMorgan, Bank of America Pledge Funds to ‘Trump Accounts’
JPMorgan and Bank of America have announced their participation in the initiative known as “Trump Accounts.” This program aims to support investment accounts for children of U.S.-based employees. Each bank has pledged to match the government’s $1,000 contribution for these accounts.
Details of the “Trump Accounts” Initiative
The banks made their announcements on Wednesday, coinciding with a summit featuring President Donald Trump and Treasury Secretary Scott Bessent. JPMorgan’s decision follows a lawsuit filed by President Trump against the bank and its CEO, Jamie Dimon, for $5 billion, citing politically motivated debanking.
According to sources, JPMorgan has been planning its contributions since the announcement of “Trump Accounts” in June. With over 190,000 employees in the U.S., Dimon emphasized that this move would assist families in saving early and investing for their future.
Bank of America’s Commitment
Bank of America communicated its plans through an internal memo to its 165,000 U.S. employees. The memo highlighted additional benefits, allowing eligible participants to make pretax contributions to the accounts using payroll deductions. The bank expressed support for the governmental effort to help families plan financially.
Support from Other Financial Institutions
JPMorgan and Bank of America join multiple companies, including BlackRock and Charles Schwab, in backing “Trump Accounts.” Goldman Sachs’ CEO, David Solomon, also publicly supported the initiative during a roundtable event at the White House in June.
Program Overview
The “Trump Accounts” program is available to children born between January 1, 2025, and December 31, 2028. Parents can contribute up to $5,000 annually, starting from July 4, 2026. This initiative is part of several proposals aimed at providing financial benefits to American families during Trump’s second term.
Notable Contributions
- In December, Michael and Susan Dell pledged $250 to the accounts of 25 million American children, totaling a $6.25 billion donation.
- Billionaire Ray Dalio plans to donate $250 to approximately 300,000 children in Connecticut, specifically targeting low-income zip codes.
Children aged 10 and younger living in areas with a median income of $150,000 or less are eligible for these contributions. This program is seen as a significant initiative to promote savings and investment among low-income families.
