IRS chief Frank Bisignano says that all children under 18 in the U.S. could eventually be signed up for the newly-launched Trump accounts as the administration ramps up its efforts around the new Federal savings vehicle.
The IRS CEO and Social Security Administration Commissioner was announced as the leader of the Trump account rollout’s next phase this week. He gave an update on the new savings vehicle during an appearance on CNBC’s “Squawk Box” Thursday.
“We have all types of distribution, we have the ability to enroll people very simply, and I think the objective is to have 70 million children under 18, to have a Trump account,” he said.
There are 70.4 million children under the age of 18 in the U.S. in 2026, according to U.S. Census Bureau data at childstats.gov.
The new accounts were launched July 4.
Created as part of 2025’s One Big Beautiful Bill Act, the Section 530A accounts, are described by the government as a means to “jumpstart the American dream". The Trump accounts provide a one-time $1,000 contribution for American children born between Jan 1, 2025, and Dec. 31, 2028.
The Trump accounts as “a great vehicle,” according to Bisignano, who highlighted the impact that the initiative can have on society. “It’s generationally changing, it’s bringing financial literacy to youth,” he said, during his CNBC appearance. “I think we should have every family enrolled in a Trump account, I think that’s the objective.”
Over 6.5 million families have signed up for the Trump accounts, according to data from the U.S. Treasury. This includes more than 1.5 million children who are eligible for the $1,000 pilot contribution from Treasury, it said.
Bisignano also touched on the role that will be played by the wealth management and broader financial industries in the ambitious Trump accounts project. “Financial planners, tax planners … the ability for us to distribute through banks, everybody, it’s good for America, good for financial literacy, good for pro-family,” he said.
“It’s a technology business, really, and I think we’re going to make it simple for people to enroll and simple for people to watch their money grow, invest in the S&P for young children,” Bisignano added.
A host of companies have announced Trump account matches. Earlier this month Franklin Templeton said that it will match the U.S. government’s $1,000 contribution to the Trump Accounts for eligible children of the company’s eligible U.S. employees.
In January JPMorganChase said it will match the U.S. government’s $1,000 contribution, providing an additional $1,000 per eligible child. Bank of America is also offering a Trump account match, according to reports. Last year Charles Schwab , Robinhood, BlackRock, and Bank of New York Mellon said they would match the government’s $1,000 contribution.
In April BNY was also selected by the U.S. Treasury Department to manage the national infrastructure for the Trump Accounts, in collaboration with Robinhood.
However, research released earlier this month by digital parenting resource BabyCenter found that one in four eligible moms do not plan to open a Trump savings account for their children.
The survey found that 27% of moms with a baby or one on the way purposefully won’t get a newly-launched Trump account for their child. As for the reasons behind the decisions to eschew the Trump accounts, 12% of respondents said they won’t get an account because they don’t approve of the administration, and 14% said they would opt for a 529 account as an alternative savings vehicle.
Some advisors have also raised operational and tax questions about the much-hyped new savings vehicle. Specifically, advisors are looking for clarity around the Trump Accounts’ treatment in financial aid formulas and whether contributions made prior to the age of 18 can convert to a Roth IRA.
Deal adds a $299 million tax-and-wealth practice as the RIA aggregator advances acquisition strategy around integrated financial and tax planning.
Large and mega plans show strongest appetite, but fee confusion persists.
Many people are taking a dangerous gamble with their financial future, new study warns.
Britt is named CFO of Wipfli, a $600 million accounting firm that audits two NFL franchises
The acquisition pairs Zephyr's 21,000-product separately managed account database with YCharts' newly launched AI agent assistant for investment research.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
