IRS chief Frank Bisignano will lead Trump accounts expansion

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.

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.

The Trump accounts are a savings vehicle created by Republicans’ 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 $5,000 a year into a tax-deferred account.

Funds can’t be withdrawn until the child turns 18. At that point, any withdrawals before age 59½ are generally subject to income taxes and a 10% penalty. There are certain penalty exceptions, such as for distributions for higher education expenses.

The Treasury Department says more than 6.5 million families have signed up. 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, Treasury said.

More children are eligible for additional funding by private individuals and organizations that have backed the creation of the accounts.

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.