Trump Accounts (REG-117270-25)

Finseca, a trade association representing over 500,000 financial professionals, supports the creation of Trump Accounts as a tool for long-term financial security. They argue that the IRS should adopt regulations that facilitate professional financial planning, simplify account transitions to IRAs, and clarify that professional advice fees are not subject to the investment cost cap.

The Center for Taxpayer Rights argues that the Treasury should automate the creation of § 530A accounts and the distribution of § 6434 pilot contributions to ensure equitable access and maximize program participation. They also suggest simplifying the enrollment process to a one-step procedure and establishing a structured dispute resolution process for account ownership.

The commenter is asking technical and procedural questions regarding the implementation of Trump Accounts, specifically concerning account IDs, payroll deduction processes, and bank routing. They are seeking clarification on how employers will manage contributions and notifications for multiple dependents.

America’s Credit Unions, an advocacy organization representing credit unions, supports the proposed rule for Trump accounts but seeks specific operational clarifications. They argue for rules that ensure credit unions can act as trustees, including guidance on investment structures, fee caps, and simplified rollover procedures to ensure the statutory choice for families is practical.

The National Disability Institute (NDI) supports the proposed Trump Accounts but requests additional guidance on account definitions, eligibility for foster and homeless youth, and investment flexibility. They also advocate for expanded ABLE rollover provisions and explicit exclusions of these accounts from means-tested benefits to better support individuals with disabilities.

The Utah Credit Union Association supports the proposed Trump accounts and the goal of encouraging early savings for children and families. They advocate for regulations that allow credit unions to serve as trustees, simplify the election process, and ensure efficient account portability and clear guidance on operational requirements.

The California and Nevada Credit Union Leagues support the creation of Trump accounts and the proposed rulemaking to implement them. They argue that credit unions are well-positioned to serve as trustees and request specific clarifications to ensure operational feasibility, such as recognizing credit union capital structures and allowing for streamlined rollover procedures.

Chime Financial, Inc. supports the Trump Account program and advocates for its expansion by recommending that the Treasury modernize the election process with standardized electronic submission schemas and model custodial agreements. The company also requests formal recognition of consumer-facing fintech platforms as distribution partners to ensure seamless account management and broader consumer access.

The Investment Company Institute (ICI), an association representing the asset management industry, supports the proposed Trump accounts and the pilot program. They provide specific recommendations to improve administrative efficiency, clarify rules regarding rollover accounts, and streamline the account activation process.

The American Fintech Council (AFC) supports the development of the Trump Accounts but advocates for a clear, durable, and technology-agnostic regulatory framework. They emphasize the need for standardized eligibility, tax compliance, consumer protections, and interoperability to ensure the program is scalable and consistent across the financial services industry.