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 previously limited access.
Speaking at the Treasury Department on Thursday, Melania Trump said the program is aimed at giving foster youth the same financial opportunities as other children.
“Fostering the Future Accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child,” she said.
She also emphasized the broader goal of independence.
“America can offer services, help, and protection, but real freedom means being able to make independent choices about your own future,” Trump said.
Foster Youth Focus
Trump said the Treasury will immediately allow state child welfare agencies and foster youth representatives to begin setting up accounts for eligible children in foster care.
She said 23 governors have already pledged support and urged all 50 states to participate.
“I urge every governor and business leader in America to help fund these accounts,” Trump said. “Together, we can make sure foster youth enter adulthood with assets, opportunity, and a stronger path to independence.”
The program targets a vulnerable population. Roughly 330,000 children are in the U.S. foster care system. About one in five faces homelessness after aging out, while only about half gain employment by age 24.
The White House later highlighted the initiative on X, calling it an effort to provide dedicated savings and investment accounts for children in foster care.
Bessent called those outcomes unacceptable.
“Those outcomes are unsettling, but today we refuse to accept them as inevitable,” Scott Bessent said. “We are affirming that the American dream belongs to every child.”
Trump Accounts Expansion
Fostering the Future Accounts builds on the broader Trump Accounts program created under President Donald Trump’s tax and spending law.
The program gives eligible children a $1,000 government-funded investment account that families, employers and outside donors can contribute to over time. Annual contributions can reach $5,000, with funds invested mainly in low-cost U.S. stock index funds and ETFs.
Trump Accounts are scheduled to begin funding around July 4 for eligible U.S. citizen children born between Jan. 1, 2025, and Dec. 31, 2028.
Bessent previously described Trump Accounts as “the most important government benefit for young people since the GI Bill,” underscoring the administration’s long-term focus on asset ownership and wealth creation for younger Americans.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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