A new savings and investment account will be available for children in foster care, the administration unveiled on June 11.
First Lady Melania Trump and Treasury Secretary Scott Bessent on Thursday introduced Fostering the Future Accounts, expanding the Trump Accounts framework to give each newborn a $1,000 tax‑deferred investment start.
“For the first time, children in foster care will have access to a dedicated savings and investment vehicle: Fostering the Future Accounts,” Trump said in prepared remarks.
“Fostering the Future Accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child,” she continued. “By investing in our foster youth now, we help strengthen America’s workforce, communities, and economic future.”…