Trump Accounts will auto-enroll children, potentially adding 60 million accounts: Treasury — SkimNews
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- Treasury issued temporary regulations Tuesday to auto-enroll children in Trump Accounts as early as Oct. 1, potentially adding 60 million+ accounts in 2026 and roughly 2 million annually thereafter
- Scott Bessent told the House Financial Services Committee on Sept. 15 he expects enrollment to hit 70 million within a month once auto-enrollment begins
- Commonwealth reported only 5% of low- and-moderate-income families — those earning up to $80,000 annually — have opened a Trump Account to date
- Social Security Administration plans to enroll newborns at hospitals during the birth registration process alongside requests for Social Security numbers
- Joseph Velli, a former Bank of New York and Convergex Group executive, was hired Friday as senior adviser to Frank Bisignano — the official who now leads both the IRS and SSA — to run Trump Account expansion
- Omeed Firouzi of Temple University's Beasley School of Law questioned whether the IRS can effectively execute auto-enrollment given recent cuts to funding, resources, and staffing
Why it matters: Auto-enrollment flips Trump Accounts from opt-in to default, potentially raising participation among the 5% of low-income families who've signed up so far. But IRS staffing and funding cuts flagged by Temple's Firouzi raise execution risk as the agency prepares to enroll an additional 60 million children in 2026.
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