00:00I do want to ask you about a Bloomberg News scoop from last week that the U.S. federal government
00:05is considering handing Robinhood a key role in overseeing the new Trump accounts that it's
00:11creating for children. According to Bloomberg's reporting, some of the country's largest
00:16brokerages, including Fidelity and including yourself, you haven't so far been on the list
00:22of candidates considered. So I'd like to ask you, have you been in contact with the Trump
00:26administration about potentially the broker channeling some of those Trump accounts?
00:32Well, I'm not going to get into the details of our discussions with the federal government. I will
00:36say the concept behind the Trump accounts, I think it's a fabulous concept because what it does is
00:42that it helps people invest early, in this case, right from when they're born. It does it in a
00:48low cost way because the fees are capped to a low cost level. And the underlying ethos is a diversified
00:55broad-based set of indices. And as we look at the best ways in which to create long-term wealth
01:01for Americans, this has really been something that Vanguard's been talking about for a very long
01:06time. Keep costs low, stay diversified, and invest for the long term. And so I think this is another
01:14innovation in being able to help with that. And we're supporting that in any way that we can,
01:21but I think that the underlying ethos is a very positive one.
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