{"id":53204,"date":"2026-01-28T23:39:00","date_gmt":"2026-01-29T05:39:00","guid":{"rendered":"https:\/\/ustower.net\/?p=53204"},"modified":"2026-01-29T01:43:32","modified_gmt":"2026-01-29T07:43:32","slug":"us-banking-giants-to-match-government-contribution-to-trump-accounts","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=53204","title":{"rendered":"US banking giants to match government contribution to Trump Accounts"},"content":{"rendered":"\n

Jan 28 (Reuters) – Bank of America (BAC.N), opens new tab<\/u><\/a> and Wells \u200bFargo (WFC.N), opens new tab<\/u><\/a> will match the U.S. government’s initial $1,000 contribution to the proposed Trump \u200cAccounts for eligible employees’ families, according to internal memos seen by Reuters on Wednesday.<\/p>\n\n\n\n

The Trump Account, created as part of President Donald Trump\u2019s One Big Beautiful Bill Act and expected to be rolled out on July 4, will see the U.S. Treasury deposit $1,000 \u200cof seed money into investment accounts for all children born between \u200b2025 and 2028 with a valid Social Security number.<\/p>\n\n\n\n

Rival JPMorgan Chase (JPM.N), opens new tab<\/u><\/a> also said it will match the U.S. government’s one-time $1,000 contribution to children of eligible U.S. employees.<\/p>\n\n\n\n

Trump \u200don Wednesday urged<\/u><\/a> American businesses to contribute to employees’ family accounts. The president and his Republican Party have been seeking to address voters’ affordability concerns ahead of the November midterm elections.<\/p>\n\n\n\n

The accounts have \u2060been pitched by backers as a long-term wealth-building tool to help children build \u200dsavings early in life.<\/p>\n\n\n\n

Supporters argue that starting investments at birth can improve economic mobility and give \u200cfuture \u200cworkers a stronger chance to climb the economic ladder.<\/p>\n\n\n\n

BofA will let eligible employees make pre-tax contributions to these accounts through payroll deductions, it said in the memo.<\/p>\n\n\n\n

The government program limits these contributions to $5,000 per year, with the employer portion expected to be \u2060limited to $2,500 per \u2060year.<\/p>\n\n\n\n

Earlier this month, \u200bBofA, the second largest U.S. lender, said<\/u><\/a> it would award about $1 billion in equity to all employees except senior management, after it capped a strong year marked by a surge in profits.<\/p>\n\n\n\n

This \u200dyear JPMorgan also granted<\/u><\/a> a special award of $1,000 to eligible employees globally, earning less than $80,000 in total annual cash compensation.<\/p>\n\n\n\n

The banking industry is looking to another strong year, with investment banking revenue expected \u200bto benefit from a rebound in dealmaking and \u200dIPOs, while interest income is expected to gain from a pickup in loan demand.<\/p>\n\n\n\n

reuters<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Jan 28 (Reuters) – Bank of America (BAC.N), opens new tab and Wells \u200bFargo (WFC.N), opens new tab will match the U.S. government’s initial $1,000 contribution to the proposed Trump \u200cAccounts for eligible employees’ families, according to internal memos seen by Reuters on Wednesday. The Trump Account, created as part of President Donald Trump\u2019s One Big Beautiful Bill Act […]<\/p>\n","protected":false},"author":6,"featured_media":53205,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[4233,21629,1268,36122],"class_list":["post-53204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-banking","tag-donations","tag-government","tag-trumps-account"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/53204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53204"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/53204\/revisions"}],"predecessor-version":[{"id":53206,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/53204\/revisions\/53206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/53205"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}