OMB Completes Review of Latest Round of Trump Account Guidance

The Office of Management and Budget (OMB) has completed review of two rulemaking items it recently received from the Department of Treasury and Internal Revenue Service. The first is a proposed rule titled Trump accounts under section 530A. According to the abstract for the rule, the proposed regulations are expected to provide guidance on Trump accounts and Trump account contribution programs under Internal Revenue Code Sections (IRC Secs.) 530A and 128, addressing account requirements, contribution and distribution treatment, trustee reporting obligations, and coordination with IRC Section 408 requirements. The second item for review is an interim final rule titled Trump Accounts.