Moreno says he will introduce bill to expand Trump Accounts access to people under 40

GOP Sen. Bernie Moreno (Ohio) said Tuesday he will introduce legislation to expand access to the Trump administration’s 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 the social platform X. “Trump Accounts are already transforming lives for families across America.”

The Ohio Republican argued that raising the age limit for Trump Accounts will “give hardworking Americans powerful new tools to buy homes, wipe out student debt, and invest in their own futures.”

Senators are on recess and are scheduled to return on Nov. 9. Republicans hold a 53-47 edge in the Senate and are attempting to maintain control of the upper chamber in the November midterms. 

Altimeter CEO Brad Gerstner, a proponent of the accounts, recently told the New York Post he is working to expand their scope to anyone younger than 40.

Gerstner added the legislation would propose making funding for the accounts permanent — the Treasury Department is depositing $1,000 into the account of any American child born from the start of 2025 through 2028.

The Hill has reached out to the White House and Treasury Department for comment. The administration created the accounts under the One Big Beautiful Bill Act, which President Trump signed into law in July 2025.

The president said Tuesday his administration is looking into “an alternative” version of Trump Accounts for adults.

“We are looking at something different, because it is somewhat of a different thing, having to do with adults,” Trump told reporters.

More than 70 million children have an account, according to Invest America, after the Treasury Department automatically enrolled more than 60 million children in the program.

The federal government will invest the accounts in the State Street SPDR Portfolio exchange-traded fund (ETF), which tracks the S&P 500. Parents will also be able to choose between four other ETFs to invest their child’s account in.

Dozens of companies 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, have sent $250 to the accounts of 25 million children living in zip codes with a median family income of $117,300 or less — a donation totaling $6.25 billion.

Tech mogul Elon Musk also said Monday he will give one share of his SpaceX company to every child in the U.S. next year. The president later confirmed Musk will make his contribution to children’s Trump Accounts.