Melania Trump announces Fostering the Future savings account
CNBC • • nation
Key Points:
- First Lady Melania Trump announced the "Fostering the Future Accounts," a new savings and investment initiative in partnership with the U.S. Treasury Department, aimed at children in foster care.
- The program allows states to open Trump Accounts—tax-deferred investment accounts created under President Trump's 2023 legislation—on behalf of eligible foster children.
- Over 400,000 children are in foster care in the U.S., many financially vulnerable, with more than 23,000 aging out annually without permanent families or financial support.
- The initiative includes a one-time $1,000 deposit from the Treasury for children born between 2025 and 2028 and integrates foster youth into the broader Trump Accounts program launching on July 4.
- To date, 23 governors have committed to establishing these accounts for foster children in their states, reflecting significant state-level support for the initiative.