First lady Melania Trump and Treasury Secretary Scott Bessent on Thursday announced the launch of Fostering the Future Accounts, 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, 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.
The first lady, 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.
