Frank Bisignano, the IRS chief tasked with overseeing the expansion of Trump Accounts, expressed confidence that the accounts could eventually reach universal adoption among American families. In an interview on Thursday, Bisignano stated that the goal is to enroll 70 million children under the age of 18 in the tax-deferred investment accounts designed for minors.
As of July 10, enrollment figures show that 6.5 million children have already been registered for Trump Accounts through family sign-ups. Bisignano emphasized the importance of streamlined enrollment processes and indicated that outreach efforts are underway to make participation as accessible as possible to eligible families across the country.
Bisignano, who also serves as commissioner of the Social Security Administration, has engaged with leadership at major tax-preparation firms to explore distribution channels for the accounts. He also noted the potential for banks to serve as enrollment venues. The approach reflects a broader strategy to leverage existing financial infrastructure and partnerships to reach target populations.
Several incentive mechanisms are designed to encourage participation in the program. The federal government provides $1,000 in seed funding for babies born between 2025 and 2028, with additional support coming from employer matching contributions and philanthropic grants from donors including Michael and Susan Dell. Bisignano attributed his confidence in achieving the 70 million enrollment target partly to these financial incentives.
Separately, Brad Gerstner, CEO of Altimeter Capital and a key architect of the Trump Accounts initiative, suggested during a media appearance earlier in the month that automatic enrollment of eligible children could be implemented in cooperation with the Social Security Administration in coming months.
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