Children in foster care gain access to Trump accounts under first lady’s initiative

Video above: President Trump touts “Trump accounts” at summit in January 2026.

(NEXSTAR) – In less than a month, Trump accounts – dedicated savings accounts for children – will formally launch. A new move announced by the Treasury Department and the first lady last week is expected to expand access to children in foster care.

Trump accounts, which are similar to retirement accounts, have to be established by the child’s parent or guardian. That could otherwise make it complicated for a child in foster care to have an account created for them.

On Thursday, first lady Melania Trump and Treasury Secretary Scott Bessent announced the launch of “Fostering the Future Accounts.” Trump, speaking at a news conference at the Treasury Department, said the move “gives foster children the same chance at asset ownership and long-term wealth as every other child.”

The initiative calls for state, territorial, and tribal child welfare agencies that are the legal guardians of an eligible child to open a Trump account for them. A child’s federal survivor benefits can also be deposited into Trump accounts by state officials under the initiative. The contributions do, however, count toward the annual contribution........

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