New Federal Savings Accounts Launched for Foster Children

First Lady Melania Trump and Treasury Secretary Scott Bessent unveiled a new federal initiative Thursday aimed at providing financial security for children in foster care. The program, called "Fostering the Future Accounts," will offer a $1,000 initial deposit for eligible newborns, with specific provisions to include children under state care.

The accounts are a dedicated spinoff of the broader Trump Accounts investment program. New federal guidance will empower child welfare agencies to act as guardians, enabling them to open accounts for children within the foster system. Speaking at a news conference at the Treasury Department, Melania Trump stated the move gives foster children the same chance at asset ownership and long-term wealth as every other child.

To qualify, a child must be a U.S. citizen born between January 1, 2025, and December 31, 2028. The accounts will be open for contributions starting July 4. The White House Council of Economic Advisers estimates that a Trump Account balance for a baby born in 2026 could reach $5,800 by age 18 and $18,100 by age 28, assuming no other contributions are made.

Officials highlighted the significant challenges facing youth in...