{"id":48440,"date":"2026-10-29T16:09:02","date_gmt":"2026-10-29T16:09:02","guid":{"rendered":"https:\/\/financialrush.com\/?p=48440"},"modified":"2026-10-29T16:09:02","modified_gmt":"2026-10-29T16:09:02","slug":"irs-ceo-frank-bisignano-donates-for-some-brooklyn-kids","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=48440","title":{"rendered":"IRS CEO Frank Bisignano donates for some Brooklyn kids"},"content":{"rendered":"

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Frank Bisignano, CEO of the Internal Revenue Service, during a House Ways and Means Subcommittee on Social Security hearing in Washington, June 10, 2026.<\/p>\n

Tierney L. Cross | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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IRS CEO Frank Bisignano has donated to Trump Accounts<\/a> for certain kids in Brooklyn, the agency announced<\/a> Thursday.<\/p>\n

The Bisignano Family Fund donated $250 apiece to Trump Accounts of eligible children ages 2 to 8 living in 11234, Bisignano’s hometown ZIP code, according to the release.\u00a0<\/p>\n

“My life was shaped by the people, schools, and neighborhoods in Marine Park, Mill Basin, Bergen Beach, and Flatlands,” Bisignano said in a statement. “This donation is an investment in the children of Brooklyn, giving them a boost in their personal wealth building journeys.”<\/p>\n

Within that ZIP code, fewer than 10,000 U.S. citizens are under 10 years of age, according to CNBC’s analysis of the most recent population estimate from the U.S. Census Bureau. <\/p>\n<\/div>\n

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Read more CNBC personal finance coverage<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The contribution will be invested in a diversified index fund<\/a>, the release also said.\u00a0<\/p>\n

Expanding access to Trump Accounts has been a Trump administration priority. In July, Bisignano was tasked with leading that effort<\/a>.\u00a0<\/p>\n

The latest Trump Account news comes weeks after the Treasury Department auto-enrolled more than 60 million children<\/a>.<\/p>\n

Trump Accounts, also known as 530A accounts<\/a>, 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 $<\/a>1,000 pilot program contribution<\/a> from the Treasury.<\/p>\n

Families must still activate their child’s Trump Account to receive contributions if eligible, according to Treasury guidance.<\/p>\n<\/div>\n

‘The tip of the iceberg’<\/h2>\n
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Bisignano’s commitment comes on the heels of news that Elon Musk plans to give every kid in America<\/a> a share of SpaceX<\/a> in 2027.<\/p>\n

Altimeter Capital CEO Brad Gerstner, founder of Invest America and an architect of Trump Accounts, described Musk’s gift as “the tip of the iceberg<\/a>” for philanthropic gifts on CNBC’s “Squawk Box”<\/a> Oct. 21. Gerstner has committed about $35 million to help fund investment accounts<\/a> for kids in his home state of Indiana.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

More gifts are in the pipeline, Bisignano told CNBC’s “Squawk Box<\/a>” on Oct. 8. “They range from small to mega,” he said.\u00a0<\/p>\n

After claiming an account, families can track deposits in the Trump Accounts app<\/a>, which was designed in partnership with Robinhood<\/a>.<\/p>\n

“Trump Accounts is direct philanthropy, extremely efficient, direct to children…,” Robinhood CEO Vlad Tenev said on CNBC’s “Squawk on the Street”<\/a> on Oct. 28.<\/p>\n

“Excited to see Elon donation,” he said. “I think there will be many others as well.”<\/p>\n<\/div>\n

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The Treasury Department in September released temporary regulations<\/a> allowing Trump Accounts to hold donated individual stocks, a shift from previous guidelines that permitted only diversified, low-cost index funds<\/a>. The Trump administration said the move could pave the way for more multimillion-dollar donations, with a number of philanthropists poised to participate.\u00a0<\/p>\n

The latest donation comes just days before the midterm election<\/a>, and Republicans fight to keep slim congressional majorities in the Senate and House.<\/p>\n<\/div>\n<\/div>\n\n
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