Treasury taps Frank Bisignano to lead Trump accounts rollout

The Treasury Department is putting Frank Bisignano in charge of expanding Trump accounts, a new savings program aimed at families with children, Treasury told CNBC on Wednesday. For everyday investors, the program is another sign that Washington wants more households tied to long-term market gains through tax-advantaged accounts.

Bisignano already holds two major federal roles: chief executive of the Internal Revenue Service and commissioner of the Social Security Administration. The new assignment adds to his portfolio inside the Trump administration.

Bisignano is a Wall Street veteran who left his job as chief executive of financial-technology company Fiserv in 2025 to join the administration, according to CNBC. Treasury said he will now lead implementation of the Trump account expansion.

How the accounts work

Trump accounts were created under tax-and-policy legislation passed by Republicans last year and officially debuted on July 4, CNBC reported. Families can open an account for a child under 18 and contribute up to $5,000 a year.

The accounts are tax-deferred, meaning taxes on eligible account growth are pushed to a later point rather than paid each year as gains occur. That structure can leave more money invested over time, though the eventual tax treatment depends on the rules that apply when funds are used.

Money in the accounts cannot be taken out until the child turns 18, according to CNBC. At that point, the funds could be used for higher-education expenses.

The Treasury Department said more than 6.5 million families have signed up for the accounts. Children born from 2025 through 2028 qualify for a one-time $1,000 pilot contribution from the federal government, and Treasury said more than 1.5 million eligible children have enrolled.

Some children may also receive extra contributions from private individuals and organizations that support the accounts, CNBC reported.

Why the administration is pushing access

Expanding the program is a priority for the Trump administration, according to CNBC. The administration hopes the accounts will help more families take part in market gains after a strong stretch for stocks.

The S&P 500 has risen roughly 25% since President Donald Trump’s second inauguration, CNBC reported. The S&P 500 is a widely followed index of large U.S. companies, and it is often used as a broad snapshot of the U.S. stock market.

Household stock ownership remains uneven. About 58% of U.S. households are invested in the stock market, according to the Federal Reserve, while most U.S. wealth is held by the highest-net-worth households.

That gap is central to the administration’s pitch for the accounts. By creating child-focused savings vehicles with tax advantages and contribution limits, officials are trying to broaden the number of families with a stake in long-term investment returns.

This story draws on original reporting from CNBC.