Treasury Races Against July Deadline to Implement Trump Accounts

A new savings vehicle for children has Treasury Department officials racing to implement the accounts before July 4, when parents can start contributing to the accounts.

So-called Trump accounts, created through the 2025 GOP tax-and-spending law, come with a $1,000 initial contribution from the federal government for babies born over the next several years.

The program poses unique challenges for Treasury and IRS, which must build the operational systems required to host, seed, and monitor the accounts, agency officials said during a Friday panel at the American Bar Association Tax Section’s midyear meeting in San Diego.

“The government apparatus is ...