Luke Pettit, the Treasury Department’s assistant secretary overseeing financial institutions, will leave the department for the private sector in October, Axios reported. Pettit joined Treasury in July 2025 and also served as acting under secretary for domestic finance for roughly three months last year. He helped develop Trump Accounts, launched under the One Big Beautiful Bill Act, which President Trump signed into law in July 2025. The program provides $1,000 in Treasury seed money for children born from Jan. 1, 2025, through Dec. 31, 2028, with companies matching the contribution. Relatives, friends and other adults can contribute up to $5,000 annually, while employers can contribute $2,500, counted within that limit. Treasury is accepting stock contributions, and accounts convert into traditional IRAs when beneficiaries turn 18. The Social Security Administration is helping Treasury automatically enroll newborns, with auto-enrollment due to begin next month. Treasury Secretary Scott Bessent said 86% of the 7 million children with an account came from families earning less than $200,000, while 38% of U.S. households have no exposure to equity markets.