Melania Trump announces Fostering the Future savings account
U.S. First Lady Melania Trump during the Presidential Artificial Intelligence Challenge National Champion awards ceremony held in the East Room of the White House in Washington, DC, United States, on Tuesday, June 9, 2026.
Daniel Heuer | Bloomberg | Getty Images
Ahead of the official launch of Trump Accounts, First Lady Melania Trump, along with the U.S. Treasury Department, announced a new savings and investment vehicle for children in foster care.
“For the first time, children in foster care will have access to a dedicated investment and savings tool,” he said. “Education and savings accounts are the first steps towards personal independence.”
There are more than 400,000 children in foster care in the United States, and many are considered financially vulnerable. federal data.
Every year, More than 23,000 young people are aging out of the foster system without a permanent family, according to the National Foster Youth Initiative, a youth development organization.
According to one study, these young adults largely live on their own and likely lack access to financial resources. 2024 white paper By the Equal Opportunity Research Foundation, an impartial think tank.
“They don’t have parents to call when the rent is past due, their tuition bill arrives, or they need help getting to a job interview,” the researchers wrote.
The new savings program was announced Thursday at an event attended by the First Lady and Treasury Secretary Scott Bessent. This is the last update in a larger update”Strengthening the Future“The initiative that the Trump administration launched in the fall.
Bessent also promotes Trump Accounts, also known as Section 530A accounts, which were created last year as part of President Donald Trump’s “big beautiful bill.”
These tax-deferred investment accounts are specifically for children under 18 and include a one-time $1,000 deposit from the Treasury for children born between 2025 and 2028.
“When Trump Accounts launch on July 4, any eligible child will be able to participate, including children for whom the state is a legal guardian,” Bessent said in a statement Thursday. he said.
