Treasury Secretary Scott Bessent and First Lady Melania Trump Announce Access to Trump Accounts for Foster Youth, under Mrs. Trump’s Fostering the Future Initiative

WASHINGTON, D.C. - Today, U.S. Treasury Secretary Scott Bessent and First Lady Melania Trump unveiled a new policy initiative designed to strengthen financial security and opportunity for young Americans in foster care.

This initiative, part of First Lady Melania Trump's "Fostering the Future" platform, expands access to financial education and introduces new pathways to promote wealth-building by making it easier for eligible foster youth nationwide to obtain access to a "Trump Account." This landmark effort represents a significant step forward in ensuring that youth in foster care are equipped with the tools and resources needed to achieve long-term financial independence. By combining access to dedicated savings accounts and funding, along with enhanced financial literacy education, the initiative empowers young people to build assets, manage resources responsibly, and plan for their futures.

"Fostering the Future is the latest expression of the First Lady's longstanding commitment to America's children. We at Treasury are grateful for Mrs. Trump's leadership in advancing Trump Accounts, the most important benefit for young people since the GI Bill," said Treasury Secretary Scott Bessent. "This initiative will expand access to Trump Accounts for youth in foster care and provide states with new flexibility to direct existing resources toward their future, helping more young people build savings and a stronger foundation for long-term financial security and success."

"Fostering the Future Accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child. By investing in our foster youth now, we help strengthen America's workforce, communities, and economic future," said First Lady Melania Trump.

Within the foster care community, Trump Accounts may sometimes be referred to as "Fostering the Future Accounts," reflecting on Mrs. Trump's commitment to helping youth in foster care build a stronger future.

Empowering States to Open Trump Accounts for Foster Children

Under this initiative, a child welfare agency of a state, territorial, or tribal government that is the legal guardian of an eligible child who has a Social Security Number and does not already have an account may elect to open an initial Trump Account for that child. To establish an account, agencies must follow state-specific procedures to complete, sign, and submit Form 4547, which serves as the formal election to create an initial account.

The Internal Revenue Service Office of Governmental Liaison will work directly with each state to provide guidance and ensure agencies have the necessary information to successfully complete this process. Agencies may coordinate with their assigned liaison or contact the IRS Governmental Liaison at [email protected] for support.

States are strongly encouraged to adopt policies that explicitly authorize child welfare agencies, or their designees, to act on behalf of children in their care in establishing and managing these accounts. In addition, states are urged to proactively open Trump Accounts for eligible youth who do not already have one, ensuring broad and equitable access to this opportunity.

Increasing Financial Resources for Children in Foster Care

The initiative also provides flexibility for states to deposit federal survivor benefits into Trump Accounts. These contributions count toward the annual contribution limit of $5,000 per account and are intended to help preserve financial resources for the child's future needs, including education, housing, and career development.

By facilitating early access to savings and financial education, the Treasury Department and the Office of the First Lady aim to break cycles of financial instability and create a stronger foundation for success among youth in foster care. This policy underscores the Administration's commitment to empowering vulnerable populations through practical, forward-looking solutions that promote financial resilience and long-term prosperity.