Treasury puts Frank Bisignano in charge of Trump accounts expansion

The U.S. Treasury Department has assigned Frank Bisignano to lead the expansion of Trump accounts, a new tax-advantaged savings program that allows families to contribute up to $5,000 a year for children, CNBC reported, citing the department. Treasury said more than 6.5 million families have signed up, placing the program at the center of the administration’s effort to widen household participation in long-term investment gains.

Bisignano will take on the implementation role while continuing to serve as chief executive of the Internal Revenue Service and commissioner of the Social Security Administration, according to CNBC. The appointment broadens the portfolio of a senior official who joined the Trump administration in 2025 after resigning as chief executive of financial-technology company Fiserv.

How the accounts work

Trump accounts were created under Republican tax-and-policy legislation enacted last year and formally launched on July 4, CNBC reported. A family may open an account for a child under 18 and contribute as much as $5,000 annually on a tax-deferred basis.

The account structure delays access to the money until the child reaches 18. At that point, CNBC reported, the funds could be used for higher-education expenses. Tax deferral means investment income is not taxed each year as it accrues, though the source material did not specify the tax treatment of withdrawals.

The federal government is also offering a one-time $1,000 pilot contribution for children born from 2025 through 2028, according to Treasury figures cited by CNBC. Treasury said more than 1.5 million eligible children have enrolled for that benefit.

Private individuals and organizations may provide additional funding for more children, CNBC reported. The program has also attracted employer-match arrangements from organizations that have supported the accounts’ creation, according to CNBC.

Market access objective

The administration has made expanded access to the accounts a priority, CNBC reported. The policy push comes after a strong period for U.S. equities: the S&P 500 has risen about 25% since President Donald Trump’s second inauguration, according to CNBC.

Administration officials hope the accounts will help more families take part in gains of that kind, CNBC reported. The Federal Reserve says 58% of U.S. households are invested in the stock market, while CNBC noted that most national wealth is concentrated among households with the highest net worth.

The implementation assignment gives Bisignano a central role in translating the savings vehicle from legislation into an operating program across federal agencies. Treasury’s figures suggest rapid early adoption, though the long-term effect on household wealth accumulation will depend on contribution levels, investment performance, account usage and participation by private funders.

This story draws on original reporting from CNBC.