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JPMorgan Chase and Bank of America Match Employees’ $1,000 ‘Trump Accounts’
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JPMorgan Chase Chairman and Chief Executive Officer Jamie Dimon detailed the company’s plans in a statement obtained by PEOPLE on Wednesday.
Erik McGregor/LightRocket via GettyBank of America will match the government's $1,000 contribution for eligible employees and allow employees to make pre-tax contributions to the Trump Accounts for their children under age 18, the financial company said in a memo issued to its 165,000 employees and obtained by PEOPLE.
Trump Accounts were born out of a 2021 discussion between Brad Gerstner, the chief executive of Altimeter Capital, and his children, The New York Times reported last month.
Gerstner created a nonprofit called Invest America to advocate for the creation of accounts funded by $1,000 federal government contributions for each child upon birth.
Alongside JPMorgan and Bank of America, financial firms BlackRock, BNY, Robinhood, SoFi and Charles Schwab will also match the government's $1,000 contributions.