Comment from Institute on Race, Power and Political Economy
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Summary: The Institute on Race, Power and Political Economy, supported by several state treasurer and comptroller offices, supports the proposed 530A "Trump Accounts" but argues that the current framework lacks sufficient protections to prevent it from exacerbating wealth inequality. They recommend specific changes to ensure the program benefits low-wealth and marginalized families, including automatic enrollment, fee caps, and protections against data sharing and impacts on public benefits.
On behalf of The New School’s Institute on Race, Power and Political Economy, and with the support of the New Mexico State Treasurer’s Office, the Maryland Office of the Comptroller, Rhode Island Office of the General Treasurer, and the Vermont State Treasurer’s Office, this comment responds to the proposed regulations under 26 CFR §1.530A governing 530A “Trump Accounts.” Our Institute and the co-signing state treasurer and comptroller offices are national leaders with substantial expertise in early wealth building policy and program design. See attached file for the full comment.