Bank of America and JPMorgan Chase on Wednesday agreed to match $1,000 contributions to President Donald Trump’s new “Trump accounts.”
Trump accounts include a $1,000 stipend for eligible children born between Jan. 1, 2025, and Dec. 31, 2028. The Trump administration has pitched it as an important pro-natalist move to help families financially. Bank of America and JPMorgan Chase, the two largest U.S. banks by assets, are the latest banks to throw their weight behind the measure.
“JPMorgan Chase has demonstrated a long-term commitment to the financial health and well-being of all of our employees and their families around the world, including more than 190,000 here in the United States,” JPMorgan Chase CEO Jamie Dimon said in a release. “By matching this contribution, we’re making it easier for them to start saving early, invest wisely, and plan for their family’s financial future.”
The Bank of America said it applauded the government’s “innovative solutions” for employee savings in a memo sent to employees, according to Reuters.
BlackRock, BNY, Robinhood, SoFi, and Charles Schwab have made similar commitments to match contributions for new accounts.
Trump is overseeing a Treasury Department summit to discuss the accounts on Wednesday, during which a cast of characters, including Treasury Secretary Scott Bessent and pop star Nicki Minaj, will join him.
OPINION: THE $1,000 TRUMP ACCOUNTS ARE AN INVESTMENT IN OUR CHILDREN’S FUTURE
“The summit marks a key milestone in the administration’s broader effort to strengthen long-term financial security, expand access to capital, and promote economic opportunity for American families,” a release from the Treasury Department read.
“Administration officials are expected to outline next steps for implementation and public engagement during the summit,” it added.
