Trump Accounts (REG-117270-25)

The American Bankers Association (ABA) appreciates the opportunity to comment on the Internal Revenue Service's (IRS) proposed rulemaking regarding individual retirement accounts established under section 530A of the Internal Revenue Code for the exclusive benefit of eligible individuals or their beneficiaries (Trump accounts). Specifically, the proposal addresses the election to open a Trump account and reserves additional sections for further guidance (Proposal).Our members support additional ways to provide financial education, encourage saving, and build long-term financial security for children and teenagers. We believe Trump accounts are an important tool to build generational wealth for minors within local communities. Please refer to the attached document for our recommendations.