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The Treasury Department has considered selecting as many as three firms to serve as the initial trustees, and a selection is expected to be announced soon. The firm chosen could gain potentially millions of new customers and billions of dollars in new assets to manage, but will also need to ensure it has the ability to respond to all those new customers.
“We’re pleased to participate in offering Trump Accounts — including matching and pretax contributions — to our eligible employees,” Bank of America said in a statement. “We are also continuing to engage with the administration on the best way to make Trump Account rollovers accessible to our clients.”
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