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Sen. Bernie Moreno, R-Ohio, said he plans to introduce legislation that would expand eligibility for Trump Accounts, currently available to children under 18, to Americans under the age of 40.
Trump Accounts can be established for eligible children under 18, while U.S. citizen children born between 2025 and 2028 are eligible for a one-time $1,000 federal contribution. Individuals and employers can generally contribute up to a combined $5,000 annually.
Moreno said on Tuesday he would lead a bill in the Senate to expand the investment accounts to adults.
“This is a game-changer and I’ll lead the bill in the Senate to make it happen,” Moreno wrote on X.
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“Trump Accounts are already transforming lives for families across America. Raising the age limit will give hardworking Americans powerful new tools to buy homes, wipe out student debt, and invest in their own futures,” he continued.
Trump Accounts are tax-advantaged investment accounts for eligible children under 18, designed to support long-term savings and investment.
Moreno’s proposal comes after Altimeter CEO Brad Gerstner, a leading advocate of Trump Accounts, told the New York Post he was working to expand the accounts to anyone under 40.
Under the proposal described by Gerstner, the accounts could be used for retirement, education or starting a business. Gerstner said the proposed legislation would also look to make funding for the accounts permanent.
Trump also recently said his administration is looking into an alternative version of Trump Accounts for adults.
“We are looking at something different because it really is somewhat of a different thing, having to do with adults,” Trump told reporters on Tuesday.
Nearly 70 million children now have Trump Accounts after the Treasury Department automatically enrolled more than 60 million, according to the White House. With more than 3.5 million children born in the U.S. annually, millions more could become eligible in the coming years.
Expanding eligibility to Americans under 40 could add roughly 100 million people to the program, according to an estimate from Gerstner, who also founded Invest America.
Congress is currently on recess and lawmakers are not scheduled to return until Nov. 9, about a week after the midterm elections in which Republicans hope to maintain their majorities in the House and the Senate. It is unclear when a bill to expand the accounts to adults could be officially introduced.
Trump Accounts are initially invested by default in the State Street SPDR Portfolio S&P 500 ETF, which tracks the S&P 500. Treasury has also identified four additional index funds for parents to choose from.
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Several firms are matching the Treasury Department’s $1,000 contribution to babies born from 2025 to 2028.
Dell CEO Michael Dell and his wife, Susan Dell, contributed $250 to the accounts of 25 million eligible children born between 2016 and 2024, with contributions generally allocated to children living in ZIP codes with a median family income of $117,300 or less. The donation amounts to about $6.25 billion.
Billionaire tech executive Elon Musk also said on Monday he will give one share of SpaceX to every child in the U.S. next year. Trump later confirmed that Musk would make his contribution to Trump children’s Accounts.
FOX Business has reached out to the Treasury Department for comment.
