US expands Trump Accounts to foster children starting July 4
What's new: 23 governors pledged to let state agencies begin enrolling eligible foster youth born from 2025 through 2028.
The Trump administration moved to extend its Trump Accounts savings program to children in foster care, allowing state, territorial and tribal child welfare agencies to open accounts for eligible youths when they serve as legal guardians. First lady Melania Trump and Treasury Secretary Scott Bessent rolled out the “Fostering the Future Accounts” guidance at the Treasury Department on Thursday. The accounts open for contributions on July 4. To qualify, a child must be a US citizen born between Jan. 1, 2025, and Dec. 31, 2028. The broader program provides a one-time $1,000 Treasury deposit that is invested and can be accessed at age 18. Federal data and advocacy groups say hundreds of thousands of children are in foster care, and more than 23,000 age out each year without permanent families.