Bank of New York Mellon (BK) has been selected by the US Treasury Department as a financial agent to support the roll out of Trump Accounts, investment accounts for children created by last year's tax law.

Under this designation, the bank will oversee the initial accounts and develop the new app for families to manage their accounts, according to the department.

The bank is also collaborating with Robinhood Markets (HOOD), which will act as brokerage and initial trustee for the accounts, according to a statement.

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