The first lady, Melania Trump, announced on Thursday a new program to establish savings accounts for foster children, an effort meant to help an economically vulnerable population build equity.
The “Fostering the Future” accounts are the latest in a series of measures Mrs. Trump has championed over the last year to support an often overlooked group. They will carry a special designation in the upcoming launch of “Trump accounts,” which function in ways similar to individual retirement accounts, providing a one-time $1,000 deposit for accounts opened by parents of children born between 2025 and 2028.
The new accounts will be available to anyone under the age of 18 with a Social Security number.
Speaking at the Treasury Department on Thursday, Mrs. Trump cast the move as a path to financial independence.
“For the first time, children in foster care will have access to a dedicated savings and investment vehicle,” she said. “Fostering the Future accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child.”
Under the program, the Treasury Department will recognize state child welfare agencies acting as guardians to open accounts for foster youth in their care, which the children can gain access to when they turn 18. So far, 23 states have signed on to enroll the foster children in the accounts.
There are more than 300,000 foster youth in the United States, and the population has some of the most dismal social and economic outcomes, namely high rates of homelessness and unemployment. Mrs. Trump has worked to expand access to educational programs and housing for foster youth.
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