Robinhood Markets (NASDAQ: HOOD) and BNY (NYSE: BK) have secured the contract to develop and manage tax-deferred investing accounts for children known as Trump Accounts. The U.S. Department of the Treasury announced that BNY will act as the financial agent to oversee the accounts, with over 4 million children already enrolled as of March 31. BNY collaborated with Robinhood to create the Trump Accounts app and offer customer support for the initiative, set to launch on July 4. Vlad Tenev, the Chairman and CEO of Robinhood, stated, "Our goal is to provide the next generation of Americans with a top-notch, user-friendly platform to kickstart their financial journey." The app will be customized with a white-label design specific to the Treasury, devoid of BNY or Robinhood branding. The financial details of the contract remain undisclosed. Various Wall Street firms have expressed interest in participating in the program, viewing the accounts as a valuable opportunity.