IRS Hires Joseph Velli to Administer Trump Accounts

The Internal Revenue Service hired Joseph Velli as a senior advisor to CEO Frank Bisignano to assist in the administration of Trump Accounts. Velli previously served as the CEO of Convergex Group and as a senior executive at The Bank of New York, bringing a background in corporate governance and business operations to the agency.

Trump Accounts are a new tax-deferred investment vehicle created to help children under 18 build long-term wealth and retirement savings. The program allows children born between 2025 and 2028 to receive a one-time $1,000 deposit from the United States Department of the Treasury. The administration has designated the implementation of these accounts as a top economic priority.