Trump Accounts

First lady Melania Trump and Treasury Secretary Scott Bessent have announced the launch of Fostering the Future Accounts, designed to help foster children. The accounts are a spinoff of the Trump Accounts investment funds meant to give $1,000 to every newborn whose parent opens one. Under the new initiative, child welfare agencies will have the ability to act as a guardian for children in foster care for the purposes of opening an account. The first lady says this move provides foster children with a chance at asset ownership and long-term wealth. Twenty-three Republican governors have pledged support. There are about 330,000 children in the U.S. foster care system.