The Trump Accounts, a new IRA-style savings program, initially didn’t account for foster kids. However, after child welfare advocates raised the issue, the first lady’s office stepped in to help.

Fostering the Future Accounts

First lady Melania Trump’s office worked with state governments and the Treasury Department to create “Fostering the Future Accounts,” which allows state child welfare agencies and foster youth representatives to set up accounts for children in foster care.

Approximately 400,000 American youth live in foster care, according to the US Department of Education. The accounts, which officially launch July 4, are open to any child who is a US citizen with a valid Social Security number.

The first lady announced the updated guidance at the Treasury Department, alongside Treasury Secretary Scott Bessent. She emphasized that the accounts will help foster kids achieve personal independence when they turn 18.

So far, 23 states have opted in to the program, with efforts underway to get the remaining states on board. The Treasury Department is providing extra guidance and support to state welfare agencies on how to maximize the benefit.

Original reporting: KRDO (Colorado Springs metro) — read the source article.