Melania Trump Launches $1,000 Foster Accounts for 330,000 Children as 23 Governors Back Enrollment
Updated
Updated · Los Angeles Times · Jun 11
Melania Trump Launches $1,000 Foster Accounts for 330,000 Children as 23 Governors Back Enrollment
3 articles · Updated · Los Angeles Times · Jun 11
Summary
$1,000 investment accounts for eligible foster children were unveiled by Melania Trump and Treasury Secretary Scott Bessent, with contributions set to open on July 4 under the new Fostering the Future program.
New federal guidance lets child welfare agencies act as guardians to open the accounts, extending Trump Accounts to U.S.-citizen foster children born between Jan. 1, 2025, and Dec. 31, 2028.
23 Republican governors pledged to let state agencies begin enrolling children, while the White House says a 2026 newborn's account would grow to about $5,800 by age 18 and $18,100 by age 28 without extra deposits.
The push targets roughly 330,000 foster children nationwide, a group facing steep risks after aging out of care: 1 in 5 faces homelessness and only about half are employed by age 24.
The accounts build on Trump's tax-and-spending law creating Trump Accounts, with outside donors and employers already promising matching funds, including a $6.25 billion Dell donation and Ray Dalio's $75 million Connecticut pledge.