The Trump Accounts program, launched last year as part of the Republican “One Big Beautiful Bill” initiative, has already reached almost 70 million children through automatic enrollment by the Treasury Department. Now, Senate Republican Bernie Moreno is championing a new bill that would lift the current age ceiling, allowing Americans younger than 40 to open their own accounts.
On October 20, 2026, Moreno announced on X that he would lead the effort in the Senate, describing the change as a “game-changer” for working families. He argued that expanding eligibility would give people powerful tools to purchase homes, erase student-loan balances, and build long-term wealth. The proposal has not yet detailed the exact funding formula or withdrawal rules, but the legislative push is already drawing attention from the investment community.
How the existing children’s accounts work
Under the current framework, the Treasury provides a one-time $1,000 seed contribution to every child born between January 1, 2025 and December 31, 2028 who receives a Social Security number. Parents must claim the account to receive the money; the contribution is deposited into an investment vehicle, not handed to the family as cash.
The default investment is the State Street SPDR Portfolio S&P 500 ETF, a low-cost, broadly diversified fund. In addition, the Treasury offers four other index-based funds, all designed to keep fees minimal while exposing the portfolio to a wide market segment. Account custodians—typically a parent or legal guardian—manage the account until the child turns 18, after which the beneficiary gains full control.
Private-sector backing and the adult-extension conversation
Prominent investors have publicly endorsed broadening the program. Altimeter Capital CEO Brad Gerstner, an early champion of the children’s accounts, has urged Congress to make the funding permanent and to allow anyone under 40 to participate. In a brief exchange with Moreno, Gerstner simply replied, “DM me Bernie,” indicating strong behind-the-scenes support.
President Donald Trump himself hinted at an adult-focused version, saying the administration is “looking at something different” for adults. The president has touted the initiative as “one of the most successful things people have seen ever in government,” and noted that the number of recipients is climbing toward 80 million as corporations and wealthy donors add to the pot.
Among those donors, Elon Musk announced a pledge to contribute one share of SpaceX stock to every child’s account, while Michael Dell and his wife have pledged multi-billion-dollar donations to the program. Critics have warned that allowing public companies to dump stock into children’s portfolios could tie a minor’s long-term financial security to a single corporate performance, raising ethical and market-manipulation concerns.
Social Security’s role in spreading the word
In parallel with Treasury’s actions, the Social Security Administration (SSA) began attaching informational inserts to newborn Social Security cards. The insert explains how parents can claim the $1,000 Treasury contribution through the website TrumpAccounts.gov and download the accompanying mobile app.
The SSA’s “Enumeration at Birth” program already assigns Social Security numbers to about 99 % of U.S. infants, meaning the new inserts reach roughly 3.5 million newborns each year. The guidance clarifies that families are not required to make additional contributions, though they may add up to $5,000 per year subject to program limits.
Collectively, the Treasury’s auto-enrollment, private-sector donations, and SSA’s outreach have turned the Trump Accounts into a high-visibility component of the administration’s financial-literacy agenda. Whether Moreno’s bill will pass the Senate, and how any adult version would structure contributions, tax advantages, and withdrawal rules, remain open questions as the 2026 midterm elections approach.
