The U.S. Treasury Department has put its top official Frank Bisignano in charge of implementing the expansion of its Trump accounts program, the department told CNBC on Wednesday.
The move expands Bisignano's authority significantly. He will retain his existing 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.
Trump accounts are a savings vehicle created by Republicans through tax-and-policy legislation passed last year. They debuted on July 4. A family can create an account for a child under 18 and contribute up to $5,000 per year into a tax-deferred account.
Funds cannot be withdrawn until the child turns 18. After that point, any withdrawals before age 59 and a half are generally subject to income taxes and a 10% penalty. There are certain exceptions to the penalty, including distributions used for higher education expenses.
The Treasury Department said more than 6.5 million families have signed up for the accounts. 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, according to Treasury. Additional funding is available from private individuals and organizations that have backed the creation of the accounts.
Expanding access to the accounts is a stated priority for the administration. The S&P 500 has gained roughly 25% since President Donald Trump's second inauguration, and the administration has said it hopes the accounts will help more families participate in those kinds of market gains. According to the Federal Reserve, about 58% of U.S. households are invested in the stock market, though most of the country's wealth is held by the highest-net-worth households.
