Frank Bisignano, the IRS chief now leading the expansion of Trump Accounts, expressed confidence that the tax-deferred investment accounts for children could eventually reach universal enrollment across American families. Speaking on CNBC’s “Squawk Box” on Thursday, Bisignano outlined an ambitious target of enrolling 70 million children under the age of 18 in the program.
As of July 10, enrollment had reached 6.5 million children according to Treasury Department data. Bisignano, who also serves as commissioner of the Social Security Administration, emphasized the straightforward nature of the enrollment process. He stated that the program’s structure as a technology-driven initiative would enable simplified registration for families seeking to participate.
Bisignano indicated that distribution of the accounts could occur through multiple channels, including tax-preparation companies and banks. He has met with CEOs of tax-preparation firms to discuss their capability to facilitate account openings. The expansion strategy leverages several financial incentives to drive participation, including $1,000 in federal seed money allocated to babies born between 2025 and 2028. Additional support comes from employer matching contributions and philanthropic grants from donors such as Michael and Susan Dell.
These financial incentives form the basis of Bisignano’s projection that the 70 million enrollment target is achievable. Earlier this month, Brad Gerstler, CEO of Altimeter Capital and a key figure in developing Trump Accounts, suggested on CNBC that the government could implement automatic account creation through the Social Security Administration for all eligible children under 18 within the coming months.
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