The head of the IRS and the Social Security Administration just became the first senior Trump administration official to donate to Trump investment accounts.
On Thursday morning, Frank Bisignano announced that the Bisignano Family Fund will donate $250 to every child ages 2 to 8 in his hometown ZIP code in hopes that it “encourages others to support children in their communities and across our great country.” The IRS says contributions to Trump Accounts have come from families, friends, donors, and the U.S. government.
“Brooklyn is home for me. My life was shaped by the people, schools, and neighborhoods in Marine Park, Mill Basin, Bergen Beach, and Flatlands,” Bisignano said. “This donation is an investment in the children of Brooklyn, giving them a boost in their personal wealth-building journeys.”
Every child ages 2 to 8 living in Brooklyn, New York, within the 11234 ZIP code is eligible. The IRS says that the ZIP code ranks in the top 1% of U.S. ZIP codes by population and that the $250 donations are already in each eligible child’s personal Trump Account.
“Trump Accounts are transformational savings vehicles that will provide the next generation and future generations a strong financial foundation,” Bisignano continued.
“President Donald J. Trump has created life-changing opportunities for America’s children through Trump Accounts, enabling them to benefit from capitalism and the incredible U.S. economy,” he said.
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This month, the Treasury Department created Trump Accounts for all eligible children with a valid Social Security number. There are nearly 70 million accounts, and over 27 million of them have contributions totaling nearly $9 billion. Contributions have come from families, friends, donors, the U.S. government, and now the Bisignano Family Fund.
Parents or legal guardians need to activate their child’s Trump Account to receive contributions, according to the IRS. The administration says it is a simple process and can be done through the Trump Accounts app, available on the Apple App Store or Google Play.
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