Financial firms hope President Donald Trump’s State of the Union address will provide more insight into his plans for Trump Accounts.
Administration officials have made the children’s savings tool from the megabill a key part of their affordability pitch. But questions remain over which firms will stand up the accounts and how others will be able to roll them over to their own platforms.
House Financial Services Chair French Hill, R-Ark., told Semafor he hopes they’ll eventually “operate like you see in other consumer investment savings products like the 529 plan,” which can be accessed several ways.
The administration seems to be listening: Jennifer Kuperman, Chime’s chief corporate affairs officer, said “we’ve seen an evolution from the first conversation to where we are today” in “understanding that more partners — like Chime — could be helpful for scaling up the program.”
For now, the sector is “just champing at the bit for any breadcrumbs of information they want to drop,” Mindset’s Kendra Isaacson said. There are signs of progress behind the scenes: The Treasury Department sent two related rules to the Office of Management and Budget on Feb. 11.