President Donald Trump shakes hands with JPMorgan Chase & Co CEO Jamie Dimon at the White House on Feb. 3, 2017. REUTERS/Kevin Lamarque/File Photo · Reuters / Reuters
WASHINGTON — JPMorgan Chase and Bank of America, the two largest banks in the United States, announced Wednesday that they will match the federal government’s $1,000 contribution to newly created “Trump accounts” for thousands of their U.S. employees, expanding private-sector participation in a flagship savings initiative signed into law by President Donald Trump last year.
The Trump accounts program was established under the One Big Beautiful Bill Act, which created tax-advantaged investment accounts for American children born between January 2025 and December 2028. Each eligible child receives a one-time $1,000 contribution from the U.S. Treasury, designed to promote long-term savings and early investment for future education, housing, or retirement needs. by Reuters post on social media x.com
Bank of America and JPMorgan Chase will both match the US government’s initial $1,000 contribution to the newly created ‘Trump Accounts,’ giving eligible employees’ newborns a head start in the stock market https://t.co/b9BCYhiPhY pic.twitter.com/ZJksgK4ZaD
— Reuters (@Reuters) January 28, 2026
JPMorgan Chase CEO Jamie Dimon said the bank’s decision reflects a broader commitment to employee financial security.
“JPMorganChase has demonstrated a long-term commitment to the financial health and well-being of all of our employees,” Dimon said in a statement. “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.”
Bank of America echoed that sentiment in a memo distributed to employees, calling the move part of its ongoing investment in its workforce.
“Our announcement to support and complement this new federal program for our teammates is one of the many ways we continue investing in our teammates,” the bank said.
Growing Corporate Support
With Wednesday’s announcement, JPMorgan Chase and Bank of America join a growing list of major U.S. companies pledging to match the government’s $1,000 contribution for employees’ children. Companies already participating include Bank of New York Mellon, BlackRock, Intel, Charles Schwab, Dell Technologies, Robinhood, SoFi, Charter Communications, Chime Financial, and others.
The most prominent individual supporter of the initiative remains Michael Dell, founder of Dell Technologies, who announced a $6.25 billion personal commitment in December to supplement Trump accounts for children in low- and middle-income communities.
Administration officials have pointed to the expanding private-sector involvement as evidence that the program is gaining traction beyond Washington.
Policy Tensions With Big Banks
The announcements come at a time of heightened tension between the Trump administration and large financial institutions. In recent weeks, the president has called on credit card issuers to cap credit card interest rates at 10% for one year as part of a broader affordability push aimed at easing household financial strain.
While major banks have publicly supported efforts to lower costs for consumers, executives have warned that a temporary rate cap could have unintended consequences.
“We’re all in for affordability,” Bank of America CEO Brian Moynihan told analysts earlier this month, adding that strict interest rate caps could reduce access to credit for millions of Americans.
Dimon was more blunt, calling the proposal “an economic disaster” during remarks last week at the World Economic Forum in Davos, arguing that price controls could sharply curtail credit availability and disrupt lending markets.
It remains unclear how the administration could impose a nationwide credit card interest rate cap without congressional approval, a point industry leaders have repeatedly emphasized.
Broader Implications
The Trump accounts program represents one of the administration’s most significant long-term savings initiatives, blending public funding with private-sector participation. Supporters argue it could narrow wealth gaps and encourage financial literacy from an early age, while critics question its long-term fiscal cost and uneven access depending on employer participation.
For now, the decision by JPMorgan Chase and Bank of America adds momentum to the program — and underscores the complex relationship between the White House and Wall Street as both sides navigate affordability, regulation, and economic growth.
