Sen. Moreno Says He Will Lead a Bill to Open Trump Accounts to Americans Under 40
The accounts are now limited to children under 18. Moreno calls expansion a 'game-changer.' Congress is on recess until November 9, so it is unclear when a bill could be introduced.
Sen. Bernie Moreno, R-Ohio, wants to take the Trump Accounts program well beyond children. He said Tuesday that he will lead a Senate bill to make Americans under 40 eligible.
The pitch. "This is a game-changer and I'll lead the bill in the Senate to make it happen," Moreno wrote on X. He said raising the age limit would give working Americans new tools "to buy homes, wipe out student debt, and invest in their own futures."
How the accounts work now. They are tax-advantaged investment accounts for eligible children under 18. U.S. citizen children born from 2025 to 2028 get a one-time $1,000 federal contribution. Individuals and employers can generally put in up to $5,000 a year combined. By default the money goes into the State Street SPDR Portfolio S&P 500 ETF, and Treasury has named four more index funds parents can pick.
The size. The White House says nearly 70 million children now have accounts after Treasury automatically enrolled more than 60 million. Altimeter CEO Brad Gerstner, a leading backer who also founded Invest America, told the New York Post he is working on an under-40 expansion that would allow use for retirement, education or starting a business and make the funding permanent. He estimates it could add roughly 100 million people.
The president. Trump told reporters Tuesday his administration is looking at "something different" for adults, "because it really is somewhat of a different thing."
Private money. Michael and Susan Dell put $250 into the accounts of 25 million children born from 2016 to 2024, about $6.25 billion in all, per Fox Business. Elon Musk said Monday he will give one share of SpaceX to every child in the U.S. next year, and Trump later said it would go to the children's accounts.
What the report does not say. Congress is out until November 9, and Fox Business says it is unclear when a bill could be introduced. No text, cost estimate or co-sponsors are described. Fox Business said it had reached out to Treasury for comment. We covered a related account feature in "Social Security Starts Putting $1,000 Trump Account Sign-Up Notices in Newborns' Card Envelopes."