Jan. 28 (UPI) -- JPMorgan Chase and Bank of America announced Wednesday that they will match the government's $1,000 contribution to the "Trump accounts" of the children of their employees.
"JPMorganChase 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," Jamie Dimon, chair and CEO of JPMorganChase, 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."
Created under the One Big Beautiful Bill Act, the "Trump accounts" give U.S. citizens born from 2025 to 2028 a $1,000 government deposit. Some companies and private donors have given to the accounts already, including BlackRock, BNY, Robinhood, Charles Schwab, Michael and Susan Dell, Ray Dalio and rap artist Nicki Minaj.
Bank of America announced in a separate release that it will do the same, CNBC reported. In a release, the bank said it applauded the administration's "innovative solutions."
Last week, President Donald Trump sued Chase Bank and Jamie Dimon for debanking him after the Jan. 6 riots.
