Melania and Bessent launch foster kids’ Trump Accounts

First lady Melania Trump and Treasury Secretary Scott Bessent announced Fostering the Future Accounts, a spinoff of Trump Accounts designed to give $1,000 to every newborn whose parent opens an account—this time with new guidance allowing child welfare agencie

WASHINGTON — By the time the news conference ended at the Treasury Department, the message from Melania Trump landed with a simple promise: foster children should get the same shot at building assets as any other child.

On Thursday. the first lady and Treasury Secretary Scott Bessent announced the launch of Fostering the Future Accounts. a spinoff of Trump Accounts meant to address a gap that has long haunted children aging out of foster care. Under the federal guidance being released. child welfare agencies would have the ability to act as a guardian for children in foster care for the purpose of opening an account.

Speaking at the briefing, Melania Trump said the change “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, the child must be a U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028.

An internal estimate from the White House Council of Economic Advisers projects that a Trump Account balance for a baby born in 2026 would reach $5. 800 by age 18 and $18. 100 by age 28 if no other contributions are made. In other words, this is a policy built for years—long before a child can make choices for themselves.

Melania Trump also said 23 governors have pledged to allow state agencies to begin the process of enrolling children in the program. She urged more support, calling on governors and business leaders to help fund the accounts.

“We refuse to accept them as inevitable,” Bessent told reporters, pointing to the outcomes foster youth too often face. He said the federal goal is grounded in the belief that “the American dream belongs to every child.”

The stakes are stark. The National Council for Adoption estimates there are roughly 330,000 children in the U.S. foster care system. The National Foster Youth Institute says one in 5 of those children is at risk of homelessness after aging out, and only half gain employment by the time they are 24.

The timing of Thursday’s announcement matters, too. The new guidance arrives alongside the broader structure of Trump Accounts. created by a provision in Trump’s tax and spending legislation that he signed into law last summer. Under Trump Accounts, the Treasury Department gives $1,000 to babies as long as their parents open an account. That money is invested in the stock market by private firms, and children can access it when they turn 18.

For Thursday’s announcement, the focus shifted from parent access to caregiver authority—whether a child welfare agency can open the account on behalf of a foster child.

The program’s momentum is also supported by commitments from major employers and wealthy donors who have pledged matching contributions. Among them, Michael and Susan Dell announced a $6.25 billion donation. Hedge fund founder Ray Dalio and his wife, Barbara, pledged $75 million for kids under 10 in Connecticut, where the Dalios live.

Taken together. the new spinoff is aimed at one practical barrier: the people who need the accounts most may not have the same ability to open them independently. By making guardianship under child welfare agencies part of the federal guidance. Melania Trump and Bessent positioned Fostering the Future Accounts as a step toward closing that gap—before the money. and the opportunity it represents. can be missed.

Melania Trump Scott Bessent foster care Trump Accounts Fostering the Future Accounts Treasury Department child welfare agencies July 4 contributions adoption homelessness risk economic advisers