- Melania Trump announced Fostering the Future Accounts for foster children in America.
- The accounts must be set up by child welfare agencies.
- If foster children have Fostering the Future Accounts, they can access the funds once they turn 18.
On Thursday, First Lady Melania Trump announced the launch of Fostering the Future Accounts, a savings and investment resource for children in foster care.
A press release from the White House said the initiative was designed by the First Lady and the U.S. Department of Treasury.
At an event Thursday, Trump announced the accounts’ addition to the larger Fostering the Future initiative. She said, “Fostering the Future Accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child. By investing in our foster youth now, we help strengthen America’s workforce, communities and economic future.”
CNBC reported there are more than 400,000 children in foster care in the U.S., and “many are considered financially vulnerable.”
The announcement didn’t go into detail about funding for the accounts.
How to open an account
According to the release, “the U.S. Department of the Treasury, the U.S. Department of Health and Human Services and the Office of Management and Budget issued federal guidance allowing state, territorial and tribal child welfare agencies to open this type of account for any child or youth in their care.”
It was noted that these accounts are possible because of the Trump administration’s One Big Beautiful Bill Act.
States can set up the accounts for children and youth in foster care; the Trump administration will provide guidance as well as a dedicated helpline.
Once children with a Fostering the Future account turn 18, they will be able to access the funds, giving them independence and opportunity, Trump said.
“For Fostering the Future youth, empowerment comes through ownership. This includes ownership of knowledge through education and now ownership through savings and investment accounts. Education and savings accounts are the first steps toward personal independence,” Trump said.
States on board
Governors from 23 states including Alabama, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Louisiana, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah and West Virginia have pledged to open Fostering the Future Accounts in their states.
“All 50 states should pledge to protect America’s foster youth,” Trump said. “Let’s elevate America’s children above politics.”
She also urged “every governor and business leader in America to help fund these accounts.”