accounts

Aug. 3 (UPI) — Capital One attorneys said in court documents that the bank closed the Trump Organization’s accounts over concerns about money laundering.

Attorneys for the bank have asked a federal judge to dismiss a lawsuit brought by President Donald Trump over it closing hundreds of Trump Organization accounts in 2021. The motion filed by Capital One on Friday clarifies that money laundering concerns were the reason the accounts were closed.

“The closures were the result of months of analysis and a careful review by Capital One’s [anti-money-laundering] team in accordance with bank policies and regulatory guidance,” the court files read.

Trump argues that banks have “debanked” him and other conservatives for their political views. This followed the Jan. 6, 2021, riot at the U.S. Capitol. He has also filed a lawsuit against JPMorgan Chase for the same allegations and sought $5 billion in damages.

Capital One argues that the Trump Organization’s accounts were closed in a lawful manner.

“Instead, Plaintiffs attempt to keep their misguided allegations of political discrimination alive by speculating that Capital One’s anti-money laundering concerns were pretextual and claiming that Plaintiffs were somehow ‘misled’ by the contractually permitted closure decision,” the court filings read.

The bank adds that its contracts with clients give it the discretion to close any account “at any time, for any reason or no reason and without notice.”

About 385 accounts with ties to the Trump Organization, Executive Vice President Eric Trump and other affiliated businesses were closed in total.

In March, U.S. District Judge Roy Altman granted a previous motion by Capital One to dismiss the initial lawsuit that allowed Trump a limited window to refile. Trump and plaintiffs since filed an amended complaint that Capital One says suffer from “the same fundamental flaws as their prior two pleadings.”

If Capital One’s latest motion for dismissal is granted, the Trump Organization will be barred from filing another lawsuit.

July 4 (UPI) — The Trump administration officially launched “Trump Accounts” on July 4, which have been set up for parents to save money for their children.

The accounts, which include $1,000 for each child who is born between Jan. 1, 2025, and Dec. 31, 2028 — President Donald Trump‘s current term in office — can now be set up by parents after their authorization in last year’s “Big Beautiful Bill.”

The federal savings program is available for any child under 18, and can accept up to $5,000 in contributions per year, although the $1,000 seed funds for the accounts are only available to children born during Trump’s current term.

The Treasury Department said in a press release that more than 50 companies have committed to also contributing to accounts established for their employees’ children, regardless of their eligibility for the government contributed $1,000.

“Trump accounts are now live, giving every child a stake in the American Dream from day one,” Treasury Secretary Scott Bessent said in a statement on X.

“The Trump Accounts app is now updated with the full suite of account capabilities: you can start funding your child’s account, exploring financial education modules and more,” Bessent said.

The administration said that the accounts are aimed at “helping children start with a foothold in the American from birth or early childhood” with an investment account, which is part of a program that includes educational programs for both parents and children on how investment markets work.

WASHINGTON — First Lady Melania Trump and Treasury Secretary Scott Bessent announced Thursday the launch of Fostering the Future Accounts, a spinoff of the Trump Accounts investment funds meant to give $1,000 to every newborn whose parent opens one.

Building on her work helping foster children, Trump said the new federal guidance will give child welfare agencies the ability to act as a guardian for children in foster care for the purposes of opening an account.

At a news conference at the Treasury Department, the first lady said the move “gives foster children the same chance at asset ownership and long-term wealth as every other child.”

The accounts will be open for contributions July 4. To qualify for an account, a child must also be a U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028.

The White House Council of Economic Advisers estimates that a Trump Account balance for a baby born in 2026 will be $5,800 by age 18 and $18,100 by age 28 if no other contributions are made.

The first lady said 23 governors, all Republicans, have pledged to allow state agencies to begin the process of enrolling children in the program. “I urge every governor and business leader to help fund these accounts,” she said.

There are roughly 330,000 children in the U.S. foster care system, according to the National Council for Adoption. One in five of them is at risk of homelessness after aging out of foster care, and only half gain employment by the time they are 24, according to the National Foster Youth Institute.

“Those outcomes are unsettling, but we refuse to accept them as inevitable,” Bessent told the news conference. “We are affirming that the American dream belongs to every child.”

A provision of Trump’s tax and spending legislation that he signed into law last summer created Trump Accounts. Under them, the Treasury Department gives $1,000 to babies so long as their parents open an account. That money is then invested in the stock market by private firms, and the children can access the money when they turn 18.

Employers and billionaires across the country have pledged to make matching Trump Account contributions for employee benefits. Among them are Michael and Susan Dell, who announced a $6.25 billion donation, and hedge fund founder Ray Dalio and his wife, Barbara, who pledged $75 million for kids under 10 in Connecticut, where the Dalios live.

Hussein writes for the Associated Press.