U.S. Treasury Secretary Scott Bessent and First Lady Melania Trump rolled out a new policy on June 11 to expand access to Trump Accounts for eligible youth in foster care nationwide. The effort falls under the First Lady’s “Fostering the Future” platform and is intended to broaden financial literacy education while opening pathways to wealth-building for children in the foster system.

Expanding Access to Trump Accounts

Trump accounts are investment accounts for children aged 17 and under. Children born in the U.S. between January 1, 2025, and December 31, 2028, are eligible to receive $1,000 from the U.S. Treasury to seed their accounts. Within the foster care community, the accounts may be referenced as “Fostering the Future Accounts.”

“Fostering the Future is the latest expression of the First Lady’s longstanding commitment to America’s children. We at Treasury are grateful for Mrs. Trump’s leadership in advancing Trump Accounts, the most important benefit for young people since the GI Bill,” Bessent said. “This initiative will expand access to Trump Accounts for youth in foster care and provide states with new flexibility to direct existing resources toward their future, helping more young people build savings and a stronger foundation for long-term financial security and success.”

Under the policy, a state, territorial, or tribal child welfare agency serving as legal guardian of an eligible child with a Social Security Number may elect to open an initial Trump Account if the child does not already have one. Agencies must follow state-specific procedures to complete, sign, and submit Form 4547 to formally establish an account.

Original reporting: The Dallas Express — read the source article.