The Internal Revenue Service has hired Joseph Velli as a senior advisor to Chief Executive Officer Frank Bisignano to help administer Trump Accounts, according to an email Bisignano sent to senior leaders at the IRS that was shared first with CNBC.
Velli serves on the boards of Paychex, Cognizant and Computershare and will stay in those roles while advising the IRS due to his status as a special government employee, according to an IRS official. He was also the chairman and CEO of Convergex Group and a senior executive vice president at The Bank of New York.
"Joe is a seasoned CEO and senior executive with extensive experience in corporate governance, leadership and business operations," Bisignano said in the email, which was reviewed by CNBC. "In this role, he will focus on Trump Accounts."
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Trump Accounts are a new tax-deferred investment vehicle for children under 18 geared toward retirement and building long-term wealth. Children born from 2025 through 2028 can receive a one-time $1,000 deposit from the U.S. Treasury Department.
Trump Accounts are one of the administration's top economic priorities.