Trump Accounts have auto-enrolled more than 60 million children: Here’s what you should know

>> ALL RIGHT, LET'S TALK ABOUT GIVING YOUR KIDS A HEAD START ON WALL STREET. THE TRUMP ADMINISTRATION. NOW AUTO ENROLLING MORE THAN 60 MILLION CHILDREN IN THE NEW TRUMP ACCOUNTS. THOSE ARE INVESTMENT ACCOUNTS FOR ALL KIDS UNDER THE AGE OF 18 AND FOR KIDS BORN BETWEEN JANUARY 1ST OF LAST YEAR AND DECEMBER 31ST OF 2028, U.S. TREASURY TAXPAYERS WILL KICK IN $1,000. BUT EVEN WITH THE AUTOMATIC ENROLLMENT, YOU STILL NEED TO CLAIM YOUR CHILD'S ACCOUNT. JOINING US FOR MORE IS FRANK BISIGNANO. HE'S THE CEO OF THE INTERNAL REVENUE SERVICE. WE'RE NOT GOING TO HOLD THAT AGAINST YOU, THOUGH, FRANK, ALSO COMMISSIONER OF THE SOCIAL SECURITY ADMINISTRATION, FORMER CEO OF FISERV AND LEADING THE NEXT PHASE OF THE EXPANSION OF TRUMP ACCOUNTS. BECAUSE AND THE REASON PEOPLE MIGHT BE SAYING, FRANK, WHY IS THE CEO OF THE IRS HERE TO TALK ABOUT TRUMP ACCOUNTS, TO SET UP THESE ACCOUNTS, YOU GO THROUGH YOUR AGENCY, IT'S FORM 4547, I BELIEVE IT IS. HOW DO PEOPLE ACCESS THESE THESE ACCOUNTS? HOW CAN WE MAKE SURE THAT EVERYBODY WHO'S ELIGIBLE IS GETTING THAT $1,000? >> YES. WELL. >> FIRST OF ALL, I THINK BY MID-OCTOBER. >> YOU SHOULD EXPECT US TO HAVE 70 MILLION ACCOUNTS AUTO ENROLLED. AND WE HAVE A FEW 7 MILLION WHO ACTUALLY ALREADY GAVE US A 45, 47, REALLY ACTIVATING THEIR ACCOUNTS, INCLUDING THOSE FROM BIRTH. WE'RE COMMUNICATING WITH EVERYONE WHO HAS NOT GIVEN US. WE KNOW FROM SOCIAL SECURITY WHO, WHO WE ISSUED CARDS TO, AND WE'RE COMMUNICATING WITH THEM TO HELP THEM SET THEM UP. YOU SHOULD EXPECT 25 MILLION ACCOUNTS TO BE FUNDED BY THE MIDDLE OF OCTOBER. WITH A GREAT GENEROSITY AND A GIFT FROM MICHAEL AND SUSAN DELL, THE GOOD WORK OF BRAD GERSHMAN IN INDIANA, WHO WAS REALLY A FOUNDING MEMBER OF THIS CONCEPT. SO THINK ABOUT THAT 70 MILLION. WE'RE WE'RE IN THE FIRST BEGINNING INNINGS HERE. WE HAVE 25 MILLION THAT WILL BE FUNDED. AND THAT'S THE BEGINNING. WE BELIEVE 72 COMPANIES HAVE ALREADY SIGNED UP FOR MATCHING GRANTS TO FOR NEWBORNS. THOSE ARE LARGE COMPANIES. AND WE HAVE MANY MORE DONORS THAT WANT TO BE PART OF IT. >> AND I DON'T I DON'T I DON'T WANNA PUT YOU ON THE SPOT. I DON'T KNOW IF YOU HAVE THE DATA AVAILABLE, BUT JUST ROUGHLY HOW MANY HOW MANY OF THESE ACCOUNTS, FRANK ARE SITTING THERE OPENED THAT ARE NOT BEING TAPPED, YOU KNOW, BECAUSE IF SOMEBODY IS ELIGIBLE FOR A FREE THOUSAND DOLLARS EFFECTIVELY, RIGHT. AND THEN YOU MULTIPLY THAT OVER 20 YEARS IN THE MARKET, YOU'RE 1000 PEOPLE THINK, OH, IT'S A THOUSAND BUCKS IN 20 OR 30 YEARS, IT'S TENS OF THOUSANDS OF DOLLARS WITH NO NEW MONEY ADDED. HOW DO WE MAKE SURE THOSE ACCOUNTS AREN'T JUST LEFT DORMANT OR FORGOTTEN, LIKE A SUITCASE AT THE AIRPORT? >> YEAH, WELL, YOU'LL FIND US COMMUNICATING TO HIM. WE ALSO BELIEVE THAT OUR FINANCIAL INSTITUTION PARTNERS WILL BE COMMUNICATING TO THEM, AS WILL THE TAX PREPARERS. WE'VE TALKED TO ALL THE PEOPLE THAT TOUCH THESE PEOPLE THROUGH THE TAX PREPARATION PROCESS. SO EVERYBODY'S ALIGNED TO ENSURE THAT PEOPLE ARE ABLE TO CLAIM THE MONEY AND IN FACT, WATCH IT GROW. WE HAVE A GREAT APP THAT ALLOWS PEOPLE TO LOOK AT IT ON THEIR PHONE AND WATCH HOW IT GROWS DAY TO DAY. >> AND FRANKLY, PEOPLE ARE EXCITED ABOUT THE IRS APP. OBVIOUSLY, SOME OF THE AMERICA.GOV FEATURES THAT WERE ANNOUNCED THIS WEEK JUST QUICKLY, KIND OF ALMOST MORE TO THE BACKSTORY OF YOU COMING INTO THE ROLE. ANY COMMENT ON THE SHAREHOLDER LAWSUITS AT FISERV AND SOME OF WHAT'S HAPPENED THERE IN THE WAKE OF YOUR DEPARTURE? >> WELL, I'VE BEEN GONE THERE FOR QUITE SOME TIME. SO, YOU KNOW, I'M MANIACALLY FOCUSED ON WHAT I CAME TO DO RUN SOCIAL SECURITY, IRS, AND NOW EXPAND ON THE TRUMP ACCOUNT. SO I HAVEN'T SPENT ANY TIME NEW COACHING STAFF IN A DIFFERENT