The Trump administration is expected to launch Trump Accounts next week without a way for firms to host the children’s savings accounts on their own platforms, people familiar with the talks told Semafor.
Firms like Chime, Empower, Fidelity, and SoFi had initially hoped they would have the green light to roll over the accounts from the Treasury Department’s app, developed in coordination with Bank of New York Mellon and Robinhood, in time to capitalize on their launch.
Now, they’re crossing their fingers that guidance comes by August at the latest, one of the people said.
“We expect [Treasury officials] to define requirements and work with firms to figure out who’s best situated to host rollover accounts,” the person said, adding that the rollover accounts will boost signups because “more people can participate through their trusted provider.”
Experts estimate that more than half of the children eligible to receive $1,000 in seed money still have not enrolled.
The Treasury Department did not comment.