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. This new initiative aims to provide $1,000 to every newborn whose parent opens an account, giving foster children the same chance at asset ownership and long-term wealth as every other child.
Supporting Foster Children
The first lady, speaking at a news conference at the Treasury Department, emphasized the importance of giving foster children the same opportunities as other children. 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.
There are roughly 330,000 children in the U.S. foster care system, according to the National Council for Adoption. One in 5 of them is at risk of homelessness after aging out of foster care, and only half gain employment by the time they are 24, the National Foster Youth Institute says.
Employers and billionaires across the country have pledged to make matching Trump Account contributions for employee benefits. Among them are Michael and Susan Dell, who announced a $6.25 billion donation, and hedge fund founder Ray Dalio and his wife, Barbara, who pledged $75 million for kids under 10 in Connecticut, where the Dalios live.
The first lady said 23 governors, all Republicans, have pledged to allow state agencies to begin the process of enrolling children in the program. The accounts will be open for contributions on July 4. To qualify for an account, a child must also be a U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028.
Original reporting: Dallas TX News (HLL/CB) — read the source article.
