FOX Business White House Correspondent Edward Lawrence asked President Donald Trump about whether the successful Trump Account for children could be expanded to include American adults, during a Q&A with the press Tuesday in the Oval Office.
Senator Bernie Moreno, R-Ohio, said he would introduce legislation that would expand the rights to the Trump Account, which is currently available to children under 18, to Americans under 40.
A Trump account can be established for eligible children under the age of 18, while US citizen children born between 2025 and 2028 are eligible for a $1,000 federal contribution. Individuals and employers can generally contribute up to a combined $5,000 per year.
Moreno said Tuesday he will lead a bill in the Senate to expand investment accounts for adults.
“This is a game-changer and I will lead a bill in the Senate to make it happen,” Moreno wrote in X.
THE PRESIDENT CELEBRATES THE AUTOMATIC REGISTRATION OF 70 MILLION TRUMP ACCOUNTS FOR CHILDREN
President Donald Trump rings the opening bell of the New York Stock Exchange before launching the Trump investment account in the Oval Office of the White House in Washington, DC, on July 6, 2026. (Mandel NGA/AFP via Getty Images/Getty Images)
“The Trump bill has changed lives for families across America. Raising the age limit will give hard-working Americans a powerful new tool to buy a home, eliminate student debt, and invest in their own future,” he said.
The Trump Account is a tax-advantaged investment account for eligible children under the age of 18, designed to support long-term savings and investments.
Moreno’s proposal came after Altimeter CEO Brad Gerstner, the lead attorney for the Trump Account, told the New York Post that he was working to expand the account to anyone over 40.
In the proposal described by Gerstner, the account can be used for retirement, education or starting a business. Gerstner said the proposed legislation would also make funding for the account permanent.
Trump also recently said his administration is looking into an alternative version of the Trump Account for adults.
A new insert accompanying Social Security cards issued to newborns informs parents of a $1,000 Treasury Department contribution to the Trump Account. (Social Security Administration)
“We’re looking at something different because it’s really different, it has 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 US each year, millions more could become eligible in the coming years.
Expanding the right to Americans under 40 could add about 100 million people to the program, according to estimates by Gerstner, who also founded Invest America.
Congress is currently in recess and lawmakers are not scheduled to return until Nov. 9, about a week after the midterm elections in which Republicans hope to keep their majorities in the House and Senate. It is unclear when a bill to expand these accounts to adults could be formally introduced.
Trump’s first account is invested as a standard in the State Street SPDR Portfolio S & P 500 ETF, which tracks the S & P 500. Finance has also identified four additional index funds for parents to choose from.
‘THE VIEW’ CO-HOST SUNNY HOSTIN PRAISES TRUMP FOR ‘GREAT POLICIES’ ON FERTILITY AND CHILDREN’S SAVINGS ACCOUNTS
Sen. Bernie Moreno said he will lead a bill in the Senate to expand the Trump Account for adults. (Andrew Harnik/Getty Images)
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Some companies match the Department of Finance’s $1,000 donation for 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 given to children living in ZIP codes with a median family income of $117,300 or less. The donation is estimated at $6.25 billion.
Billionaire tech executive Elon Musk also said on Monday that he would give one part of SpaceX to every child in the US next year. Trump later confirmed that Musk would contribute to the Trump children’s account.
FOX Business has reached out to the Department of Finance for comment.