Melania Trump Unveils a Spinoff of Trump Accounts for Children in Foster Care
The program expands Trump Accounts for foster youth and lets state agencies open savings vehicles for children in their care.
- On Thursday in Washington, First Lady Melania Trump and Treasury Secretary Scott Bessent announced Fostering the Future Accounts, a new savings vehicle allowing child welfare agencies to open investment accounts for children in foster care.
- This initiative expands President Donald Trump's "big beautiful bill" legislation from last summer, which created tax-deferred Trump Accounts providing $1,000 for eligible children born between 2025 and 2028.
- Federal data indicates more than 400,000 children are in foster care, and the National Foster Youth Institute reports that only half gain employment by age 24.
- Melania Trump said 23 governors have pledged to allow state agencies to begin enrolling children in the program, which opens for contributions on July 4.
- The White House Council of Economic Advisers estimates a Trump Account balance for a baby born in 2026 could reach $5,800 by age 18 and $18,100 by age 28 without additional contributions.
113 Articles
113 Articles
Vermont state treasurer discusses Trump Accounts and First Steps Forward pilot
Should you open a Trump Account for your child? Vermont Treasurer Mike Pieciak says parents of eligible children should take advantage of a free savings jumpstart available through the new offering.
Melania Trump Launches Investment Accounts Aimed At Supporting Foster Children
The Trump administration has announced a new financial initiative spearheaded by First Lady Melania Trump to create dedicated investment accounts for children in the foster care system. The program represents a notable policy move by the First Lady, positioning her as a central figure in an effort to address long-term financial security for some of the country’s most vulnerable youth. Foster children in the United States have historically faced …
Melania Trump Unveils New Plan To Give Foster Kids A Financial Head Start
First Lady Melania Trump and Treasury Secretary Scott Bessent on Thursday announced the launch of Fostering the Future Accounts, a new expansion of Trump Accounts designed to help children in foster care build long-term savings and wealth. The initiative allows state child welfare agencies to act as legal guardians for the purpose of opening government-backed savings and investment accounts for foster children, removing a major barrier that prev…
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