The Bisignano Family Fund has donated $250 each to Trump Accounts belonging to eligible children ages 2 to 8 in Brooklyn’s 11234 ZIP code, the IRS announced Thursday, Oct. 29. The area is the childhood home of IRS CEO Frank Bisignano, who was assigned in July to lead the Trump administration’s effort to expand access to the accounts.
In a statement, Bisignano credited the people, schools and neighborhoods of Marine Park, Mill Basin, Bergen Beach and Flatlands with shaping his life. He described the contribution as an investment intended to help Brooklyn children build personal wealth. The donated money will go into a diversified index fund, according to the agency’s release.
CNBC’s analysis of the latest U.S. Census Bureau population estimate found that fewer than 10,000 U.S. citizens younger than 10 live in the ZIP code. The announcement follows the Treasury Department’s automatic enrollment of more than 60 million children in Trump Accounts several weeks earlier.
Also called 530A accounts, Trump Accounts are available to U.S. citizens younger than 18 who have a Social Security number. Children born between 2025 and 2028 can also claim a single $1,000 contribution under a Treasury pilot program. Treasury guidance says families still need to activate their child’s account before it can receive contributions for which the child is eligible.
The Brooklyn donation follows news that Elon Musk intends to give every child in America a share of SpaceX in 2027. Brad Gerstner, the Altimeter Capital CEO who founded Invest America and helped design Trump Accounts, called Musk’s planned gift “the tip of the iceberg” for philanthropic contributions during an Oct. 21 appearance on CNBC’s “Squawk Box.” Gerstner has pledged about $35 million toward children’s investment accounts in Indiana, his home state.
Bisignano also said additional gifts were in development during an Oct. 8 appearance on “Squawk Box.” “They range from small to mega,” he said. Once families claim an account, they can monitor deposits through the Trump Accounts app, developed in partnership with Robinhood. Robinhood CEO Vlad Tenev expressed enthusiasm for Musk’s donation and said he expected others during CNBC’s “Squawk on the Street” on Oct. 28.
Temporary regulations issued by Treasury in September permit the accounts to hold donated individual stocks. Earlier guidelines allowed only diversified, low-cost index funds. The administration said the change could encourage further multimillion-dollar gifts, with several philanthropists ready to participate.
The donation announcement arrives days before the midterm election, as Republicans seek to preserve their narrow majorities in both the Senate and the House.
