IRS Advisor Appointed Amid Program Expansion
Joseph Velli joins the leadership team managing Trump Accounts as the federal savings program prepares for wider enrollment.
Updated on Oct. 3, 2026 in Financial Planning
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The IRS recently appointed Joseph Velli as a senior advisor to CEO Frank Bisignano to assist with the administration of Trump Accounts. This federal savings program, which allows for annual contributions of up to $5,000, has already seen participation from over 6.5 million families since its July 2026 launch.
Why it matters
The appointment comes as the agency moves toward auto-enrollment for its national savings initiative, which eventually aims to cover all 70 million children under 18 in the United States. Oversight of these financial agents remains a critical point of interest for households participating in federal savings programs.
Trump Accounts currently permit annual household contributions of up to $5,000, with over 1.5 million children having already qualified for a $1,000 pilot contribution. Participation has reached 6.5 million families since the program launched in July.
The players
Joseph Velli
A former Bank of New York executive and current senior advisor to the IRS CEO.
Frank Bisignano
The current CEO of the IRS overseeing the implementation of federal savings accounts.
BNY Mellon
A major global financial services firm acting as the financial agent for Trump Accounts.
The details
The Treasury designated BNY Mellon as the financial agent for Trump Accounts in April 2026. The program structure relies on these agents to handle large-scale liquidity and account operations, similar to those managed by Velli during his 22-year tenure at Bank of New York. In 2013, subsidiaries of ConvergEx Group, where Velli was affiliated, reached settlements with the SEC and DOJ over hidden markups in order routing that involved a Bermuda affiliate.
Timeline
2006: Joseph Velli concluded his 22-year tenure at Bank of New York.
2013: ConvergEx Group subsidiaries settled federal fraud and criminal charges.
April 2026: Treasury designated BNY Mellon as the program financial agent.
July 4, 2026: The Trump Accounts savings program launched nationwide.
July 16, 2026: Jin Huang testified at a public hearing on IRS and Treasury oversight.
Money Landscape
The federal Trump Accounts initiative marks a significant expansion of child-focused savings policy, following in the footsteps of local efforts like the SEED OK savings experiment. It represents a shift toward large-scale, automated financial infrastructure for household wealth building.
Families interested in the $5,000 annual contribution limit should monitor for official updates regarding auto-enrollment procedures. If you have questions about how these government-managed accounts affect your long-term savings strategy, consult a qualified financial professional.
The takeaway
The management of federal savings agents is a critical oversight area for households participating in government programs. Keep track of official IRS bulletins for new enrollment windows or changes to account contribution protocols.
Further reading
For more on managing federal benefits, visit Financial Planning.
Source note: This article includes information reported by Fort Worth Star-Telegram.
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