JPMorgan Chase to match $1,000 contribution to ‘Trump accounts’

JPMorgan Chase said Wednesday it will match the U.S. government’s one-time $1,000 contribution to new children’s retirement savings accounts for eligible U.S. employees, the latest financial firm to announce such a measure.

The so-called “Trump accounts” are part of a pilot program that deposits $1,000 from the U.S. Treasury into a tax-advantaged account for eligible children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028.

The program, partly the brainchild of hedge fund manager Brad Gerstner, aims to encourage long-term saving and investing from birth. U.S. billionaires including Michael and Susan Dell have made commitments to contribute to the effort. Rap artist Nicki Minaj will also contribute between $150,000 and $300,000 to fund her fans’ Trump accounts.

“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,” 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.”

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