Senate Bill 988 mandates the Department of Financial Institutions (DFI) to contribute to Trump accounts for eligible children who are residents of Wisconsin. A Trump account is a type of individual retirement account (IRA) established for individuals under 18 years of age, and contributions to these accounts can begin on July 4, 2026. The bill specifies that DFI will make a matching contribution of $1,000 to a Trump account if the federal Treasury Department has already made a payment to that account, provided the account beneficiary was born and resides in Wisconsin at the time of the contribution. However, contributions from DFI are contingent upon the availability of funds and cannot be made if a contribution has already been made to the same Trump account.

The bill also includes definitions for key terms such as "account beneficiary," "eligible child," and "Trump account," referencing relevant federal statutes for clarity. The contributions made by DFI are classified as qualified general contributions under federal law, ensuring that they align with existing regulations governing such accounts. Overall, the bill aims to support the establishment of Trump accounts for eligible Wisconsin residents, enhancing their financial future through state contributions.