Melania Trump touts savings accounts for foster kids in latest affordability push
First lady Melania Trump touted the launch of a “Fostering the Future” savings account initiative with Treasury Secretary Scott Bessent on Thursday morning.
The accounts are the latest tactic from the Trump administration to tackle the affordability crisis, an issue that has dominated this year’s midterm elections, and builds on the GOP tax law Republicans passed through Congress last year.
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“For the first time, children in foster care will have access to a dedicated savings and investment vehicle, Fostering the Future accounts,” Melania Trump said while speaking at the Treasury Department. “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.”
Nearly two dozen governors have pledged to set up accounts in their states, including Gov. Brad Little (R-ID), who attended the event. Both President Donald Trump and Bessent pushed for all 50 states to take part in the Fostering the Future program.
The accounts are part of the first lady’s emphasis on the more than 400,000 children estimated to be in foster care and fall under a larger “Fostering the Future” initiative. One benefit of the savings account, she said, is that foster youths will have access to them as they enter adulthood at the age of 18.
“This will give them a foundation for independence and opportunity. For fostering the future, youth empowerment comes through ownership,” Melania Trump said.
Bessent praised the first lady for her focus on children. According to Bessent, one in five foster youths will become homeless after aging out of the system, and only half will obtain gainful employment by the time they turn 24.
“We at Treasury are grateful that Mrs. Trump has given generously of her leadership to the most important benefit for young people since the GI Bill,” said Bessent. “Through the leadership of first lady Melania Trump and her Fostering the Future initiative, children and youth in foster care now have a pathway to benefit from Trump accounts.”
The Trump Accounts were created last year through the passage of the One Big Beautiful Bill Act last year.
WHAT TO KNOW ABOUT TRUMP ACCOUNTS AS TREASURY ROLLS OUT NEW APP
The accounts are tax-deferred investment savings accounts available to any child under 18 with a Social Security number. Every eligible child born between January 2025 and December 2028 will receive a $1,000 contribution from the Treasury. The funds cannot be tapped until age 18, however. Parents, grandparents, and others can contribute up to $5,000 a year up until the year before the child turns 18.
“As we began to develop Trump Accounts, the first lady emphasized that foster youth face difficulties that few others do,” said Bessent. “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. So, today, because of the first lady’s leadership, we are embedding foster youth into the fabric of this program from the outset.”
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