First lady Melania Trump touted the launch of a “Fostering the Future” savings account initiative with Treasury Secretary Scott Bessent on Thursday morning.The accounts are the latest tactic from the Trump administration to tackle the affordability crisis, an issue that has dominated this year’s midterm elections, and builds on the GOP tax law Republicans passed through Congress last year.“For the first time, children in foster care will have access to a dedicated savings and investment vehicle, Fostering the Future accounts,” Melania Trump said while speaking at the Treasury Department. “Fostering the Future accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child. By investing in our foster youth now, we help strengthen America’s workforce, communities, and economic future.”
Nearly two dozen governors have pledged to set up accounts in their states, including Gov. Brad Little (R-ID), who attended the event. Both President Donald Trump and Bessent pushed for all 50 states to take part in the Fostering the Future program.
The accounts are part of the first lady’s emphasis on the more than 400,000 children estimated to be in foster care and fall under a larger “Fostering the Future” initiative. One benefit of the savings account, she said, is that foster youths will have access to them as they enter adulthood at the age of 18.
