Sen. Bernie Moreno, R-Ohio, announced Tuesday that he will introduce legislation opening the Trump administration’s popular investment accounts for children to Americans younger than 40.
“This is a game-changer and I’ll lead the bill in the Senate to make it happen,” Moreno wrote on X. “Trump Accounts are already transforming lives for families across America.”
The Ohio Republican said raising the age limit would “give hardworking Americans powerful new tools to buy homes, wipe out student debt, and invest in their own futures.”
The Senate is currently on recess and is scheduled to return Nov. 9. Republicans hold a 53-47 majority in the chamber and are working to keep control of it in the November midterms.
Altimeter CEO Brad Gerstner, a supporter of the accounts, recently told the New York Post that he is working to expand them to anyone under 40. Gerstner said the legislation would also propose making funding for the accounts permanent.
Under the current program, the Treasury Department is depositing $1,000 into the account of every American child born from the start of 2025 through 2028.
The accounts were created under the One Big Beautiful Bill Act, which President Trump signed into law in July 2025. The Hill has reached out to the White House and the Treasury Department for comment.
The president said Tuesday that his administration is exploring “an alternative” version of Trump Accounts aimed at adults.
“We are looking at something different, because it is somewhat of a different thing, having to do with adults,” Trump told reporters.
The program has already reached tens of millions of families. According to Invest America, more than 70 million children now have an account, after the Treasury Department automatically enrolled more than 60 million children.
The federal government will invest the accounts in the State Street SPDR Portfolio exchange-traded fund, which tracks the S&P 500. Parents will also have the option of choosing among four other ETFs for their child’s account.
The private sector has stepped up in a big way. Dozens of companies are matching the Treasury Department’s $1,000 contribution for babies born between 2025 and 2028.
Dell CEO Michael Dell and his wife, Susan Dell, have sent $250 to the accounts of 25 million children living in zip codes with a median family income of $117,300 or less. That donation totals $6.25 billion.
Tech mogul Elon Musk also announced Monday that he will give one share of his company SpaceX to every child in the U.S. next year. The president later confirmed that Musk will make the contribution to children’s Trump Accounts.
Moreno’s proposal would dramatically widen the reach of a program that, until now, has focused on the youngest Americans. By extending eligibility to adults under 40, supporters argue the accounts could help a new generation of workers build wealth, pay down student loans and achieve homeownership.
With lawmakers set to return to Washington next month and control of the Senate on the line in November, the push to expand Trump Accounts is shaping up as a key piece of the GOP’s economic message heading into the final stretch of the midterm campaign.
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