First lady Melania Trump and Treasury Secretary Scott Bessent announced the launch of Fostering the Future Accounts, a spinoff of the Trump Accounts investment funds, to give $1,000 to every newborn in foster care. The new federal guidance will allow child welfare agencies to act as guardians for children in foster care, enabling them to open an account.
Supporting Foster Children
The first lady emphasized that this initiative aims to provide foster children with the same opportunities for asset ownership and long-term wealth as every other child. The accounts will be open for contributions on July 4, and to qualify, a child must be a U.S. citizen born between January 1, 2025, and December 31, 2028.
The White House Council of Economic Advisers estimates that a Trump Account balance for a baby born in 2026 will be $5,800 by age 18 and $18,100 by age 28 if no other contributions are made. The first lady urged every governor and business leader to help fund these accounts, with 23 governors already pledging to allow state agencies to begin the process of enrolling children in the program.
There are roughly 330,000 children in the U.S. foster care system, with one in five at risk of homelessness after aging out of foster care, and only half gaining employment by the time they are 24. The Fostering the Future Accounts aim to improve these outcomes and provide a more stable future for these children.
Original reporting: WTVQ (Lexington) — read the source article.
