Congressional staff were as puzzled as anyone and wondered how the White House would justify the creation of this new savings vehicle. Or perhaps Team Obama would seek new authority from Congress? Well, Treasury is now offering these accounts and has hired Texas-based Comerica to manage them with a partner, Fidelity National Information Services . But the executive branch received no new authority from Congress this year to launch the program.

http://www.wsj.com/articles/investing-in-the-obamafund-1419898857