S. 5243: To provide for the automatic establishment of Trump accounts using information collected under the Enumeration at Birth Program of the Social Security Administration.

This bill would require the Social Security Administration to change its Enumeration at Birth process so it collects and sends certain information to the Treasury Department for newborn children. That information would be used to automatically create a Trump account for each eligible newborn.

What the bill would do

• It defines the Secretary as the Secretary of the Treasury, or a delegate.
• It refers to Trump accounts as those defined in section 530A of the Internal Revenue Code.
• It directs the Commissioner of Social Security, working with the Treasury Department, to update the SSA’s Enumeration at Birth Program so that the program gathers and transmits the information needed to open Trump accounts for newborns.
• It requires the Treasury Department to set up a Trump account for each newborn child for whom the required information is provided.

Practical effect

In plain terms, the bill would make these accounts automatic for newborns instead of requiring parents or guardians to apply separately. The main purpose is to use birth-registration data already collected by Social Security to open the accounts at birth.

Scope of the bill

The bill is focused narrowly on the process for creating these accounts. It does not describe the full rules for the accounts themselves, such as how money would be added, invested, accessed, or taxed. Those details would come from the separate tax code provision it references.

Relevant Companies

None found