Trump Accounts (REG-117270-25)

The Annie E. Casey Foundation supports the Fostering the Future Accounts as a transformative tool for youth in foster care but recommends specific regulatory refinements to maximize their impact. They advocate for a 30-day enrollment standard, leveraging state treasury infrastructure, increasing contribution caps, expanding funding sources, and protecting means-tested benefit eligibility through age 26.

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 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.

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 California Child Savings Account (CSA) Coalition supports the proposed regulations for the 530A program but advocates for specific improvements to maximize inclusivity and simplify the enrollment process. They recommend exempting 530A assets from means-tested benefit tests, clarifying their impact on student financial aid, and authorizing state entities or community partners to assist with account opening for vulnerable children.

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.

The Stable Value Investment Association (SVIA) supports the creation of "Trump accounts" and the associated pilot program for youth savings. However, they request that the Treasury Department expand the definition of eligible investments to include stable value products to provide capital preservation and mitigate market volatility for young savers.

MX Technologies, a provider of open finance APIs, supports the proposed Trump Accounts for expanding wealth-building opportunities for children. They argue that the regulations should mandate standardized API access to ensure data portability, prevent anti-competitive "walled gardens" by initial trustees, and encourage active participation from families.