US Social Security Administration Commissioner Frank Bisignano speaks during a press conference to unveil the official Trump Accounts website at the Treasury Department on December 17, 2025 in Washington, DC, US.
Aaron Schwartz | reuters
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 extension of the authority of Bisignano, who will retain his roles as chief executive of the Internal Revenue Service and commissioner of the Social Security Administration. Bisignano resigns as chief executive of financial-technology firm Fiserv To join the Trump administration in 2025.
The Trump account is a savings vehicle created by Republicans’ tax-and-policy legislation passed last year. He started on July 4. A family can create an account for a child under age 18 and contribute $5,000 per year to a tax-deferred account.
The funds cannot be withdrawn until the child turns 18. At that time, any withdrawals before age 59½ are generally subject to income taxes and a 10% penalty. There are some penalty exceptions, such as distributions for higher education expenses.
The Treasury Department says more than 6.5 million households 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, the Treasury said.
More children are eligible for additional funding by private individuals and organizations that have supported the creation of the accounts.
Expanding access to accounts is a priority for the administration. The stock market has boomed in recent years, with the S&P 500 up nearly 25% since President Donald Trump’s second inauguration. The administration hopes the accounts will help more families participate in these types of benefits. According to the Federal Reserve, about 58% of American households are invested in the stock market, although most of the country’s wealth is held by the highest net worth households.