Melania Trump Announces Savings Accounts for 400,000 Foster Youth

First lady Melania Trump, with Treasury Secretary Scott Bessent, announced a new savings and investment account for children in foster care. "For the first time, children in foster care will have access to a dedicated investment and savings vehicle," she said.

The accounts are part of the Trump Accounts program, formally known as Section 530A, created last year as part of President Donald Trump's "big beautiful bill." They offer a one-time $1,000 deposit from the Treasury for children born between 2025 and 2028 and function as tax-deferred investing vehicles. The new program folds foster youth into that structure. Bessent said Thursday, "We are embedding foster youth into the fabric of this program from the outset."

There are more than 400,000 children in foster care in the United States, according to federal data. Each year, over 23,000 youth age out without a permanent family, per the National Foster Youth Initiative. A 2024 white paper from the Foundation for Research on Equal Opportunity, a nonpartisan think tank, noted that these young adults "don't have parents to call when the rent is overdue, the tuition bill arrives, or they need help getting to a job interview."

The announcement comes as part of the "Fostering the Future" initiative launched by the Trump administration last fall. For foster youth, the availability of a savings vehicle tied to the federal government addresses a structural gap in financial access. The Foundation for Research on Equal Opportunity white paper described foster youth as lacking access to financial resources. The account structure gives them a direct claim on capital markets.

Bessent said the accounts will launch on July 4. "Every eligible child in America will be able to participate, including those for whom the state serves as a legal guardian," he said. "At every step, Treasury will provide expert guidance."