First Lady Melania Trump announced the establishment of “Fostering the Future Accounts” at the United States Treasury on Thursday.
It is a new initiative intended to help children in the foster care system begin saving and investing.
“For the first time, children in foster care will have access to a dedicated savings and investment vehicle,” Mrs. Trump told those gathered. “Fostering the Future Accounts gives foster children the same chance for asset ownership and long-term wealth building as any other American child.”
Created in cooperation and coordination with the U.S. Treasury, 23 states have already pledged to make the accounts part of their foster care system of care.
“Now is the time for everyone to act,” said the first lady. “All 50 states should pledge to protect America’s foster youth. Let’s elevate America’s children above politics. I urge every Governor and business leader in America to help fund these accounts.”
The governors who have already pledged their support include Kay Ivey (Alabama), Sarah Huckabee Sanders (Arkansas), Ron DeSantis (Florida), Brian Kemp (Georgia), Brad Little (Idaho), Mike Braun (Indiana), Kim Reynolds (Iowa), Jeff Landry (Louisiana), Tate Reeves (Mississippi), Mike Kehoe (Missouri), Greg Gianforte (Montana), Jim Pillen (Nebraska), Joe Lombardo (Nevada), Kelly Ayotte (New Hampshire), Kelly Armstrong (North Dakota), Mike DeWine (Ohio), Kevin Stitt (Oklahoma), Henry McMaster (South Carolina), Larry Rhoden (South Dakota), Bill Lee (Tennessee), Greg Abbott (Texas), Spencer Cox (Utah) and Patrick Morrisey (West Virginia).
All are Republican governors.
Children will be permitted to access the money in the accounts as adults. If the idea of setting up bank accounts for children sounds familiar, it’s because the “One Big Beautiful Bill,” which was passed and signed into law last year, included “Trump Accounts” for minors. The legislation calls for a one-time $1,000 federal contribution for children born between January 1, 2025, and December 31, 2028. It also allows parents and grandparents to contribute up to $5,000 per year and employers to contribute up to $2,500 annually tax-free.
As Focus on the Family has repeatedly highlighted, children in the foster care system face a myriad of unique challenges, none of which are their fault and yet they’re the ones left to navigate and overcome them – often for a lifetime.
The financial burdens they face are very real and accelerate and multiply as they age out of the foster care system. From coming up with a security deposit for an apartment to covering basic necessities, they don’t enjoy the luxury of a financially secure parent that so many young adults take for granted. Instead, children in the foster care system often fall into a poverty spiral that many find difficult to climb out of.
“Fostering the Future accounts help create the conditions where liberty can flourish,” shared Mrs. Trump. “Success is not about how many benefits a person receives, but rather about how much independence they achieve.”
We enthusiastically applaud the Trump administration’s laser focus on providing tangible and practical tools to support children and parents in America’s foster care system.
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