Major banks join government-backed pilot program
JPMorgan Chase and Bank of America announced on Wednesday that they will match the U.S. government’s one-time $1,000 contribution to retirement-style savings accounts for eligible employees’ children, becoming the latest corporations to support the initiative.
The accounts, informally known as “Trump accounts,” are part of a pilot program under which the U.S. Treasury deposits $1,000 into tax-advantaged savings vehicles for children born in the United States between January 1, 2025, and December 31, 2028.
A push to encourage long-term wealth building
The program aims to promote early saving and investing as a way to reduce long-term wealth inequality in the United States. The concept was developed in part by hedge fund manager Brad Gerstner and has gained backing from a growing list of high-profile supporters.
Among those endorsing the initiative are prominent business leaders and investors such as Michael and Susan Dell and Ray Dalio, as well as public figures including musician Nicki Minaj.
Corporate support expands
JPMorgan CEO Jamie Dimon said the bank’s decision reflects its broader commitment to employee financial security.
“By matching this contribution, we’re helping our employees start saving earlier, invest for the long term, and build a stronger financial future for their families,” Dimon said in a statement.
Bank of America echoed that sentiment in an internal memo to employees, praising the government’s approach as an innovative way to strengthen household savings and long-term financial resilience.
Financial sector leads participation
Financial institutions dominate the list of companies participating in the matching program. In addition to JPMorgan and Bank of America, firms such as BlackRock, BNY, Robinhood, SoFi, and Charles Schwab have also committed to matching government contributions for eligible employees.
The growing corporate involvement underscores broader interest in policies that promote early investment, particularly at a time when concerns about wealth inequality and retirement preparedness remain front and center.
