IRS Appointed Joseph Velli as Senior Advisor
Velli joins CEO Frank Bisignano to support the administration of the new Trump Accounts program.
Updated on Oct. 3, 2026 in Financial Planning
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The IRS has appointed Joseph Velli as a Senior Advisor to CEO Frank Bisignano. Velli will assist in the management of the Trump Accounts program, which launched on July 4, 2026, to provide savings options for American families.
Why it matters
The appointment comes as the IRS seeks to scale the Trump Accounts program to reach all 70 million children under 18 in the U.S. Transparency surrounding the leadership of this initiative remains a focal point for the agency.
Trump Accounts feature a $5,000 annual contribution limit, with 1.5 million children qualifying for an initial $1,000 pilot contribution. Over 6.5 million families have enrolled since the program launched.
The players
Joseph Velli
He is the newly appointed Senior Advisor to the IRS CEO and a former executive at the Bank of New York.
Frank Bisignano
He serves as the CEO of the IRS and oversees the implementation of federal savings initiatives.
BNY Mellon
This institution serves as the designated financial agent for the federal government's Trump Accounts program.
Jin Huang
He is a public figure who participated in IRS and Treasury proceedings regarding the new savings program.
The details
Velli brings a background in financial operations, having spent 22 years at the Bank of New York where he managed pension and liquidity services. His career also includes time as an executive during the period when ConvergEx Group subsidiaries were ordered to pay $107 million in SEC settlements and $43.8 million in DOJ criminal penalties for using a Bermuda affiliate to hide brokerage markups.
Timeline
2006: Joseph Velli concluded his 22-year tenure at the Bank of New York.
2013: ConvergEx Group subsidiaries finalized SEC and DOJ settlements regarding fraudulent routing charges.
April 2026: The Treasury Department selected BNY Mellon to serve as the program's financial agent.
July 4, 2026: The federal Trump Accounts program officially launched.
July 16, 2026: Jin Huang provided testimony during an official IRS and Treasury public hearing.
Market Dynamics
The appointment of Velli brings renewed attention to the 2013 SEC settlement order regarding ConvergEx Group. This move highlights the broader tension between government financial oversight and the integration of industry executives into federal program management.
Families participating in the program should monitor official IRS communications for updates on auto-enrollment procedures for their children. The $5,000 annual contribution limit remains in place for households managing these accounts.
The takeaway
The addition of an experienced financial advisor signals the IRS's push to scale the Trump Accounts program nationally. Participants should stay informed on program eligibility rules as the agency moves toward its goal of auto-enrolling all eligible U.S. children.
What happens next
The IRS is currently preparing for the auto-enrollment phase of the Trump Accounts program for the remaining eligible children in the U.S. population.
Further reading
For more information on how federal initiatives affect personal savings, see the Financial Planning section.
Live Poll
Should the government require all financial professionals managing public children's savings to act as fiduciaries?
