WATCH: First lady Melania Trump announces new investment accounts for foster youth
Summary
First Lady Melania Trump and Treasury Secretary Scott Bessent announced new investment accounts called Fostering the Future Accounts. These accounts will provide $1,000 to foster children, allowing child welfare agencies to open accounts on their behalf to help them build savings over time.Key Facts
- The program is called Fostering the Future Accounts and is a spin-off of the Trump Accounts investment funds.
- Each qualified foster child will receive $1,000 to start an account.
- Child welfare agencies can act as guardians to open these accounts for children in foster care.
- The accounts will start accepting contributions on July 4.
- 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 predicts a Trump Account for a baby born in 2026 could grow to about $5,800 by age 18 and $18,100 by age 28 without extra contributions.
- First Lady Melania Trump said the program aims to give foster children equal chances to build wealth.
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