Frank Bisignano, who serves as both IRS CEO and Social Security Administration commissioner, outlined plans to significantly expand enrollment in Trump Accounts, a tax-deferred investment vehicle designed for children. Speaking on CNBC earlier this week, Bisignano expressed confidence that the program could eventually reach every family in the nation.
As of July 10, the U.S. Treasury Department reported that 6.5 million children had been enrolled in Trump Accounts. Bisignano stated an ambitious goal of reaching 70 million children under the age of 18, emphasizing that the enrollment process should be streamlined to maximize participation across all eligible families.
Bisignano highlighted several mechanisms for driving enrollment growth. He noted that tax-preparation companies have been consulted about their capacity to distribute the accounts, and indicated that banks could also serve as distribution channels. The program features financial incentives designed to encourage participation, including $1,000 in federal seed funding for children born between 2025 and 2028, employer matching contributions, and grants from philanthropic sources.
Brad Gerstler, CEO of Altimeter Capital and an architect of the Trump Accounts initiative, recently suggested the possibility of automatic account creation through collaboration between the government and the Social Security Administration to reach all eligible children. Bisignano characterized the expansion effort as fundamentally a technology challenge, expressing confidence that making enrollment simple and accessible would drive the program toward its enrollment targets.
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