US First Lady Melania Trump during the Presidential AI Challenge National Champion awards ceremony in the East Room of the White House in Washington, DC, US, on Tuesday, June 9, 2026.
Daniel Heuer | Bloomberg | Getty Images
Ahead of the official launch of Trump Accounts, First LadyMelania Trumpannounced a new savings and investment vehicle in conjunction with the U.S. Department of Treasury that’s geared toward children in foster care.
“For the first time, children in foster care will have access to a dedicated investment and savings vehicle,” she said in remarks.
There are more than 400,000 children in foster care in the U.S., and many are considered financially vulnerable, according to federal data.
Each year,more than 23,000 youthage out of the foster system without a permanent family, according to the National Foster Youth Initiative, a youth development organization.
Those young adults are largely on their ownand likely to lack access to financial resources, according to a2024 white paperby The Foundation for Research on Equal Opportunity, a nonpartisan think tank.
“They 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 researchers wrote.
The new savings program was announced Thursday at an event with the first lady and Treasury Secretary Scott Bessent. It is the latest update to a broader “Fostering the Future” initiative started by the Trump administration in the fall.
Separately, Bessent has also been promoting Trump Accounts, also known as Section 530A accounts, which were created last yearas part of PresidentDonald Trump‘s “big beautiful bill.”
Those tax-deferred investing accounts are geared specifically for children under age 18 and include a one-time $1,000 deposit from the Treasury for kids born between 2025 and 2028.
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