Frank Bisignano, commissioner of the Social Security Administration and CEO of the Internal Revenue Service, donated $250 to Trump Accounts for each eligible child ages 2 to 8 living in his childhood ZIP code of 11234 in Brooklyn, New York.
The Bisignano Family Fund confirmed the donation, which will be invested in a diversified index fund. The ZIP code 11234, which includes Marine Park, Mill Basin, Bergen Beach, and Flatlands, is among the top 1% of U.S. ZIP codes by population density.
Policy Context and Implementation
The contribution aligns with the Trump administration’s Trump Accounts initiative, also known as 530A accounts, which are designed to provide long-term savings opportunities for children. The Treasury Department has stated that Trump Accounts are available to any U.S. citizen under 18 with a Social Security number. Children born between 2025 and 2028 may also qualify for a one-time $1,000 pilot program contribution from the Treasury.
Families must activate their child’s Trump Account to receive contributions if eligible, according to Treasury guidance. The IRS noted that fewer than 10,000 U.S. citizens under 10 years old reside in ZIP code 11234, based on the most recent U.S. Census Bureau population estimates.
Bisignano’s Rationale
In a statement, Bisignano said, “My life was shaped by the people, schools, and neighborhoods in Marine Park, Mill Basin, Bergen Beach, and Flatlands. This donation is an investment in the children of Brooklyn, giving them a boost in their personal wealth building journeys.”
The donation is part of a broader effort to expand access to Trump Accounts, which has been a stated priority of the administration. In July, Bisignano was tasked with leading this initiative, following the Treasury Department’s announcement that it had auto-enrolled more than 60 million children into the program.
How Trump Accounts Work
Trump Accounts function similarly to 529 education savings plans but are structured to encourage long-term savings for children. Contributions are invested in diversified funds, and families can withdraw funds for qualified expenses, including education, home purchases, or retirement savings for the child. The program aims to provide financial stability for future generations by fostering early savings habits.