Melania Trump Launches Initiative to Support Foster Youth
WHO:
CNN - Sixto Cancel, founder and CEO of child welfare advocacy group Think of Us, raised concerns about foster youth access to Trump Accounts.
ABC News - First lady Melania Trump and Treasury Secretary Scott Bessent announced the initiative.
ABC News - 23 governors have pledged to allow state agencies to enroll children in the program.
ABC News - Michael and Susan Dell announced a $6.25 billion donation.
ABC News - Hedge fund founder Ray Dalio and his wife, Barbara, pledged $75 million for kids under 10 in Connecticut.
WHAT:
CNN - The accounts will officially launch on July 4.
CNN - Approximately 400,000 American youth live in foster care, according to the US Department of Education.
CNN - One in five children in foster care could experience homelessness as they age out of the system.
ABC News - The initiative is designed to give children in foster care access to a "dedicated savings account and investment vehicle" that they can use as adults.
CNBC - The new savings program is part of a broader "Fostering the Future" initiative started by the Trump administration in the fall.
CNBC - The Foundation for Research on Equal Opportunity reported that young adults aging out of foster care often lack access to financial resources, stating, "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."
CNBC - More than 400,000 children are in foster care in the U.S., and many are considered financially vulnerable.
CNBC - Each year, more than 23,000 youths age out of the foster system without a permanent family.
ABC News - Melania Trump stated, "I urge every governor and business leader to help fund these accounts."
ABC News - Scott Bessent said, “We are affirming that the American dream belongs to every child.”
ABC News - The initiative is called Fostering the Future Accounts, a spinoff of Trump Accounts investment funds.
ABC News - The program will give $1,000 to every newborn whose parent opens an account.
ABC News - The accounts will be open for contributions starting July 4.
ABC News - To qualify for an account, a child must be a U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028.
ABC News - The White House Council of Economic Advisers estimates that a Trump Account balance for a baby born in 2026 will be $5,800 by age 18 and $18,100 by age 28 if no other contributions are made.
NY Post - The accounts will assist children in foster care to own their own dedicated savings account and investment vehicle.
WHERE:
ABC News - The announcement was made at the Treasury Department in Washington.
WHEN:
ABC News - The accounts will be open for contributions on July 4.
ABC News - Children must be born between Jan. 1, 2025, and Dec. 31, 2028, to qualify for an account.
WHY:
ABC News - Melania Trump stated the initiative gives foster children the same chance at asset ownership and long-term wealth as every other child.
ABC News - There are roughly 330,000 children in the U.S. foster care system, with one in 5 at risk of homelessness after aging out of foster care, and only half gaining employment by age 24.
HOW:
CNN - State child welfare agencies and foster youth representatives can now set up accounts for children in foster care.
CNBC - States will be able to open Trump Accounts on behalf of eligible children, embedding foster youth into the program from the outset.
CNBC - States will be able to open Trump Accounts on behalf of eligible children.
ABC News - Child welfare agencies will act as guardians for children in foster care to open an account.
ABC News - The Treasury Department gives $1,000 to babies whose parents open an account, which is then invested in the stock market by private firms.
(UPDATED June 12, 2026 01:45 UTC)
Sixto Cancel, founder and CEO of the child welfare advocacy group Think of Us, has raised concerns about foster youth access to Trump Accounts, which are set to officially launch on July 4. According to the US Department of Education, approximately 400,000 American youth live in foster care, and one in five of these children could face homelessness as they transition out of the system. State child welfare agencies and foster youth representatives are now able to establish accounts for children in foster care.
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(UPDATED June 11, 2026 21:42 UTC)
A new savings program called "Trump Accounts" is being launched as part of the broader "Fostering the Future" initiative, aimed at providing children in foster care with dedicated savings accounts and investment opportunities for their future. The Foundation for Research on Equal Opportunity highlighted the challenges faced by young adults aging out of foster care, noting their lack of financial resources and support systems. Under this initiative, states will be able to open these accounts on behalf of eligible children, ensuring they are included in the program from the very beginning.
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(UPDATED June 11, 2026 19:51 UTC)
In a significant move to support vulnerable youth, states will be able to open Trump Accounts for eligible children in foster care, where more than 400,000 kids currently reside. Each year, over 23,000 youths age out of the foster system without a permanent family, highlighting the urgent need for financial support. Melania Trump has called on governors and business leaders to help fund these accounts, emphasizing that "the American dream belongs to every child," as stated by Scott Bessent.
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(UPDATED June 11, 2026 18:09 UTC)
First Lady Melania Trump and Treasury Secretary Scott Bessent announced a new initiative called Fostering the Future Accounts, aimed at providing financial support to children in foster care. The program will give $1,000 to every newborn whose parent opens an account, with contributions starting on July 4, and children must be born between January 1, 2025, and December 31, 2028, to qualify. Notably, hedge fund founder Ray Dalio and his wife pledged $75 million for kids under 10 in Connecticut, while Michael and Susan Dell announced a $6.25 billion donation to support this initiative.