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PoliticsIRS chief Frank Bisignano to lead expansion of Trump accounts
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The U.S. Treasury Department has appointed Frank Bisignano, who serves as both IRS chief and Social Security Administration commissioner, to lead the expansion of the newly launched Trump accounts. These tax-advantaged savings accounts, created by Republican legislation and debuted on July 4, allow families to contribute up to $5,000 annually per child under 18, with funds accessible after age 18 for higher education. Over 6.5 million families have enrolled, and more than 1.5 million eligible children (born 2025-2028) have received a one-time $1,000 government pilot contribution. The administration aims to broaden stock market participation, as the S&P 500 has risen roughly 25% since President Trump's second inauguration. Private individuals and organizations can also contribute to eligible children's accounts.
Source report
U.S. Social Security Administration Commissioner Frank Bisignano speaks during a press conference to unveil the official Trump Accounts website, at the Treasury Department in Washington, D.C., U.S., December 17, 2025. Aaron Schwartz | Reuters
The U.S. Treasury Department is putting top official Frank Bisignano in charge of implementing the expansion of its popular Trump accounts, the department told CNBC on Wednesday.
Key Facts
- New tax-advantaged savings accounts known as Trump accounts officially debuted on July 4.
- Frank Bisignano will lead their implementation, the Treasury Department told CNBC.
- Bisignano is a Wall Street veteran who is in charge of the Internal Revenue Service and the Social Security Administration.
Expanded Role for Bisignano
The move is an expansion of authority for Bisignano, who will retain his roles as chief executive of the Internal Revenue Service and commissioner of the Social Security Administration. Bisignano resigned as chief executive of financial-technology firm Fiserv in 2025 to join the Trump administration.
About Trump Accounts
The Trump accounts are a savings vehicle created by Republicans' tax-and-policy legislation passed last year. They debuted on July 4. Key features include:
- A family can create an account for a child under 18.
- Contributions of up to $5,000 per year into a tax-deferred account.
- Funds cannot be withdrawn until the child turns 18.
- At that point, funds could be used for higher-education costs.
Enrollment and Government Contributions
The Treasury Department says more than 6.5 million families have signed up. Additional details:
- Children born between 2025 and 2028 are eligible for a one-time pilot contribution of $1,000 from the government.
- More than 1.5 million eligible children have enrolled.
- More children are eligible for additional funding by private individuals and organizations that have backed the creation of the accounts.
Administration Priorities
Expanding access to the accounts is a priority for the administration. The stock market has boomed in recent years, with the S&P 500 gaining roughly 25% since President Donald Trump's second inauguration. The administration hopes the accounts will help more families participate in those kinds of gains. Some 58% of U.S. households are invested in the stock market, according to the Federal Reserve, though most of the country's wealth is held by the highest-net-worth households.
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US Top News and AnalysisWestern
Part of this Story
Trump Accounts launching July 4, 2026 for American children