IRS CEO Bisignano's family fund gives $250 per child to Trump Accounts in Brooklyn
The Bisignano Family Fund donated $250 for each eligible child aged 2 to 8 in the Brooklyn ZIP code where IRS CEO Frank Bisignano grew up.
At a glance
- The Bisignano Family Fund gave $250 to Trump Accounts for eligible children aged 2 to 8 in Brooklyn's 11234 ZIP code, the IRS said.
- Trump Accounts, or 530A accounts, are open to any U.S. citizen under 18 with a Social Security number.
- The Treasury auto-enrolled more than 60 million children, and families must activate accounts to receive contributions.
The Bisignano Family Fund has donated $250 apiece to Trump Accounts for eligible children aged 2 to 8 living in Brooklyn's 11234 ZIP code, the IRS announced Thursday. The area covers Marine Park, Mill Basin, Bergen Beach and Flatlands — the Brooklyn neighborhoods where IRS CEO Frank Bisignano grew up.
Bisignano said his life "was shaped by the people, schools, and neighborhoods" in those communities, describing the donation as an investment in Brooklyn's children that gives them "a boost in their personal wealth building journeys."
Fewer than 10,000 U.S. citizens under 10 years of age live in that ZIP code, according to CNBC's analysis of the most recent population estimate from the U.S. Census Bureau. The contribution will be invested in a diversified index fund, the release said.
What Trump Accounts are
Trump Accounts, also known as 530A accounts, are open to any U.S. citizen under 18 with a Social Security number. Children born from 2025 through 2028 may also claim a one-time $1,000 pilot program contribution from the Treasury, but families must still activate a child's account to receive contributions if eligible, according to Treasury guidance.
Expanding access to the accounts has been a priority for the Trump administration, and Bisignano was tasked in July with leading that effort. His donation follows the Treasury Department's auto-enrollment of more than 60 million children in recent weeks.
Other donors and a rule change
Bisignano's gift comes shortly after Elon Musk said he plans to give every child in America a share of SpaceX in 2027. Altimeter Capital CEO Brad Gerstner, founder of Invest America and an architect of Trump Accounts, called Musk's pledge "the tip of the iceberg" for philanthropic gifts on CNBC's "Squawk Box" on Oct. 21. Gerstner has committed about $35 million to help fund investment accounts for children in his home state of Indiana.
Bisignano told "Squawk Box" on Oct. 8 that more gifts are in the pipeline, saying they "range from small to mega."
After claiming an account, families can track deposits in the Trump Accounts app, which was designed in partnership with Robinhood. Robinhood CEO Vlad Tenev called the program "direct philanthropy, extremely efficient, direct to children" on CNBC's "Squawk on the Street" on Oct. 28, adding that he was excited about Musk's donation and expects many others.
In September, the Treasury Department released temporary regulations allowing Trump Accounts to hold donated individual stocks, a shift from earlier guidelines that permitted only diversified, low-cost index funds. The administration said the move could pave the way for more multimillion-dollar donations.
The announcement comes just days before the midterm election, as Republicans fight to keep slim congressional majorities in the Senate and House.
Source: CNBC Top News.
Questions and answers
- What is a Trump Account?
- Trump Accounts, also called 530A accounts, are open to any U.S. citizen under 18 with a Social Security number. Children born from 2025 through 2028 may also claim a one-time $1,000 pilot program contribution from the Treasury.
- How much did IRS CEO Frank Bisignano donate?
- The Bisignano Family Fund donated $250 for each eligible child aged 2 to 8 in Brooklyn's 11234 ZIP code, the area where he grew up. The money will be invested in a diversified index fund.
- Who else is donating to Trump Accounts?
- Elon Musk plans to give every child in America a share of SpaceX in 2027, and investor Brad Gerstner has committed about $35 million for children in Indiana. Bisignano says more gifts are in the pipeline.
