IRS chief Frank Bisignano said the government can sign up nearly every American family for the administration’s new savings plan, aiming to place accounts for as many as 70 million children. The remark comes as the Treasury Department reports roughly 6.5 million children have been enrolled as of a July 10 tally, underscoring a rapid early rollout and fresh questions about how the program will scale.
Bisignano reiterated that the goal is broad, automatic participation: “We should have every family enrolled in a Trump Account,” he told reporters. He described the effort as largely a technology and distribution challenge—one he says is solvable through partnerships with private-sector providers.
He told CNBC’s Squawk Box that tax-preparation firms and banks are among the likely distribution channels and that he has already met with several chief executives to map how sign-ups could be handled at scale. “It’s a technology business, really,” he said, and the administration plans to make enrollment straightforward for families.
Behind the push are a mix of financial incentives meant to accelerate adoption, including a scheduled $1,000 federal seed payment for babies born between 2025 and 2028, potential employer matching contributions, and philanthropic grants from donors such as Michael and Susan Dell. Bisignano said those funding sources will help reach the administration’s enrollment target.
The Treasury’s July 10 count — 6.5 million children enrolled so far — highlights both progress and the scale of the task ahead. Reaching 70 million children would require widening access to households that may not currently use those channels and convincing parents to accept the accounts.
- Distribution partners: Tax-preparation companies, banks and other financial service providers are being explored as sign-up gateways.
- Technology focus: Officials emphasize easy online and in-person enrollment to reduce friction for families.
- Incentives: Federal seed deposits for newborns (2025–2028), employer matches and philanthropic grants aim to boost participation and account funding.
Policy experts and consumer advocates are likely to scrutinize how the accounts are presented to families, privacy protections tied to the enrollment process, and whether the accounts will truly reach lower-income or underbanked households. The administration’s emphasis on using private-sector channels raises questions about fees, account safeguards and the speed of implementation.
For families, the stakes are clear: broader enrollment could mean early access to savings vehicles intended to help fund education or build long-term financial stability. For policymakers, the challenge is practical: convert tens of millions of eligible children into active account holders without creating confusion or uneven access.
Bisignano framed the initiative as achievable because of the combination of technology, private distribution networks and financial incentives. Whether the program can sustain momentum beyond the initial sign-up pace will depend on how those pieces are coordinated and how quickly the government can address operational and equity concerns.
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