First lady Melania Trump announced new savings avenues for youth in foster care: Fostering the Future Accounts.
“Today we are adding another important layer to the Treasury Department’s foundation: economic stewardship,” she said Thursday at the Treasury Department. “For the first time, children in foster care will have access to a dedicated savings and investment vehicle: Fostering the Future Accounts.”
The accounts, a dedicated federal savings and investment conduit designed for youth in the foster care system, stem from Mrs. Trump’s Fostering the Future brainchild, an initiative aimed at empowering young adults transitioning out of the U.S. foster care system.
“America can offer services, help and protection, but real freedom means being able to make independent choices about your own future,” she said. “Property ownership helps make that possible.”
Fostering the Future Accounts are powered by Trump Accounts, President Trump’s newly introduced investment vehicle designed to build long-term financial security for American children that includes a $1,000 seed deposit from the Treasury Department for eligible kids.
“The first lady emphasized that foster youth face difficulties that few others do,” Treasury Secretary Scott Bessent said. “She noted that it is not enough for this program to function seamlessly for some, that the children who stand to benefit most from the Trump Accounts must not encounter any barriers in accessing them.”
When Trump Accounts launch on July Fourth, every eligible U.S. child — those born between January 2025 and December 2028 — will be able to participate, including those for whom the state serves as a legal guardian, Mr. Bessent said.
When foster youth turn 18 years old, they can access the assets they own — “the first steps toward personal independence,” the first lady said.
“Fostering the Future Accounts help create the conditions where liberty can flourish,” Mrs. Trump said. “Success is not about how many benefits a person receives, but rather about how much independence they achieve.”
She said 23 governors have already pledged to set up Fostering the Future Accounts in their states, but “all 50 states should pledge to protect America’s foster youth.”
She added, “Let’s elevate America’s children above politics.”
Mr. Bessent described this initiative as “the most important benefit for young people since the GI Bill.”
He noted the “fitting historical symmetry” in the announcement: America’s “first and most iconic” treasury secretary, Alexander Hamilton, was an orphan.
“Hamilton knew what it was like to come of age without the anchor of a stable home, yet it was his wife who committed herself to the calls of foster children,” Mr. Bessent said. “Eliza Hamilton married one orphan, raised another and then established New York’s first private orphanage.”
He said this affirms that “the American dream belongs to every child.”
“On the eve of America’s 250th anniversary, we are demonstrating to foster youth that one’s birth is not binding, and where they begin need bear no resemblance to what they can become today,” he said.
Contact the author
Please read our comment policy before commenting.