First Lady Melania Trump speaks about the Trump administration’s efforts on savings and investment accounts for children in foster care at the Treasury Department in Washington, June 11, 2026.
Jonathan Ernst | Reuters
Ahead of the official opening of the Trump Account, First Lady Melania Trump on Thursday announced a new savings and investment initiative in conjunction with the U.S. Treasury Department.
The “Account for Nurturing the Future” is aimed at children in foster care facilities. The initiative would allow states to open Trump accounts on behalf of eligible children.
“For the first time, children in foster care will have access to a dedicated investment and savings vehicle,” she said. “Education and savings are the first steps towards personal independence.”
More than 400,000 children in the United States are in foster care, many of whom are considered economically vulnerable, according to federal data.
According to the National Foster Youth Initiative, a youth development organization, more than 23,000 young people age out of foster care each year without a permanent family.
These young people are largely on their own and are likely to lack access to financial resources, according to the 2024 White Paper from the Equal Opportunity Research Foundation, a nonpartisan think tank.
“They don’t have a parent to call when they’re behind on rent, have a tuition bill, or need help getting to a job interview,” the researchers wrote.
The new savings program was announced at an event with First Lady and Treasury Secretary Scott Bessent. This is the latest update to the broader Fostering the Future initiative launched by the Trump administration in the fall.
Separately, Bessent is promoting Trump Accounts, also known as Section 530A accounts, created last year as part of President Donald Trump’s “Big and Beautiful Bill.”
These tax-deferred investment accounts are specifically aimed at children under 18, with a one-time deposit of $1,000 from the Treasury for children born between 2025 and 2028.
“We have incorporated foster youth into the structure of this program from the beginning,” Bessent said Thursday. “When Trump Accounts launches on July 4, all eligible children in the United States will be able to participate, including those whose states have legal guardianship.”
According to Treasury guidance, a state, territorial, or tribal government child welfare agency that is the legal guardian of an eligible child who does not already have an account may elect to open an initial Trump Account for that child.
If an eligible child receives either Supplemental Security Income or federal survivor benefits due to disability, the state can direct the funds to the Trump account, Bessent said.
To date, 23 governors have pledged to open foster care accounts in their states, according to a White House announcement.
