{"id":1106,"date":"2026-07-15T13:40:13","date_gmt":"2026-07-15T13:40:13","guid":{"rendered":"https:\/\/interstatemovingexpertss.com\/?p=1106"},"modified":"2026-07-15T13:40:13","modified_gmt":"2026-07-15T13:40:13","slug":"irs-chief-frank-bisignano-will-lead-trump-accounts-expansion","status":"publish","type":"post","link":"https:\/\/interstatemovingexpertss.com\/?p=1106","title":{"rendered":"IRS chief Frank Bisignano will lead Trump accounts expansion"},"content":{"rendered":"<div>\n<div>\n<p>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.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=1104\">Hassett sees no \u2018excuse\u2019 to raise rates, says Warsh will push Fed to \u2018right answer\u2019<\/a><\/p>\n<p>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 <span>Fiserv<span><span><button><\/button><\/span><\/span><\/span> in 2025 to join the Trump administration.<\/p>\n<p>The Trump accounts are a savings vehicle created by Republicans&#8217; 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. <\/p>\n<p>Funds can&#8217;t be withdrawn until the child turns 18. At that point, any withdrawals before age 59\u00bd are generally subject to income taxes and a 10% penalty. There are certain penalty exceptions, such as for distributions for higher education expenses.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=1101\">Goldman Sachs\u2019 Ruemmler to face House questioning on Jeffrey Epstein<\/a><\/p>\n<\/div>\n<div>\n<div>\n<div>\n<div>\n<h2>Read more CNBC politics coverage<\/h2>\n<div>\n<ul>\n<li>Hassett sees no &#8216;excuse&#8217; to raise rates, says Warsh will push Fed to &#8216;right answer&#8217;<\/li>\n<li>Goldman Sachs&#8217; Ruemmler to face House questioning on Jeffrey Epstein<\/li>\n<li>Trump&#8217;s attorney general nominee Todd Blanche faces Senate Judiciary questions<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<p>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. <\/p>\n<p>More children are eligible for additional funding by private individuals and organizations that have backed the creation of the accounts. <\/p>\n<p>Expanding access to the accounts is a priority for the administration. The stock market has boomed in recent years, with the S&amp;P 500 gaining roughly 25% since President Donald Trump&#8217;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&#8217;s wealth is held by the highest-net-worth households.<\/p>\n<p>Read more <a href=\"https:\/\/interstatemovingexpertss.com\/?p=1099\">Morgan Stanley posts record quarterly revenue and profit as equities trading surges 69%<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Treasury Department is putting a top official in charge of the new program as it enrolls millions of families.<\/p>\n","protected":false},"author":1,"featured_media":1105,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IRS chief Frank Bisignano will lead Trump accounts expansion - 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