WASHINGTON (AP) — First lady Melania Trump and Treasury Secretary Scott Bessent announced the launch of Fostering the Future Accounts on Thursday, a spinoff of the Trump Accounts investment funds meant to give $1,000 to every newborn whose parent opens one.Building on her work helping foster children, Melania Trump said the new federal guidance will give child welfare agencies the ability to act as a guardian for children in foster care for the purposes of opening an account. Melania Trump, speaking at a news conference at the Treasury Department, said the move “gives foster children the same chance at asset ownership and long-term wealth as every other child.”The accounts will be open for contributions on July 4. To qualify for an account, a child must also be a U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028.The White House Council of Economic Advisers estimates that a Trump Account balance for a baby born in 2026 will be $5,800 by age 18 and $18,100 by age 28 if no other contributions are made.
The first lady said 23 governors have pledged to allow state agencies to begin the process of enrolling children in the program. “I urge every governor and business leader to help fund these accounts,” she said.
