Congressman Blake Moore Introduces Legislation to Enhance Investment Accounts for Foster Youth

Congressman Blake Moore Introduces Legislation to Enhance Investment Accounts for Foster Youth

WASHINGTON, D.C. - Congressman Blake Moore introduced the Foster Youth Investment Act to help children in foster care build long-term financial security through Trump Accounts. This legislation adds foster youth as an eligible qualifying class, allowing philanthropic organizations and states to maximize impact and contributions directly to foster youth with no contribution limit.

"Last year, I was proud to lead legislation that created Trump Accounts, setting up the next generation for financial success. I am excited to now introduce the Foster Youth Investment Act to maximize the impact of these accounts for foster youth and build on First Lady Melania Trump's Fostering the Future initiative," Congressman Moore said. "The American Dream belongs to every child, including-and especially-our foster youth. This bill will provide the opportunity for states and philanthropic organizations to directly impact foster youth well into their future."

Proposed by Congressman Moore and created by the Working Families Tax Cuts, Trump Accounts are investment accounts available to every single American child. The program includes a $1,000 federal contribution for newborns born in the years 2025-2028 that will jumpstart their savings. Family, friends, and employers can contribute directly to a child's Trump Account up to a total of $5,000 annually. Currently, states and philanthropic organizations can contribute without a financial limitation to children in a qualifying class dependent on geographic location and age.

While children in foster care are eligible for their own Trump Account, they are not currently designated as a qualifying class, limiting state and philanthropic options to contribute to foster youth. The Foster Youth Investment Act removes these barriers, allowing eligible organizations to give directly to children in foster care.

Background:

The Foster Youth Investment Act builds upon First Lady Melania Trump's historic launch of Fostering the Future Accounts, which enable youth who have experienced foster care to obtain their own dedicated investment and savings accounts.

In the 118th Congress, Congressman Moore's legislation, the Court Improvement Program Enhancement Act, was signed into law. This law allows funds to be used for technological improvements to provide timely foster care and adoption hearings during public health crises, natural disasters, and other instances that would otherwise delay proceedings.

Earlier this year, Congressman Moore helped to introduce the GRACIE Act, which aims to financially support states that voluntarily choose to record official Child Protective Service interviews. In the 117th Congress, Congressman Moore introduced the Connecting Forever Families Act, legislation to strengthen and improve resources available to the foster care system and help children find supportive homes.

Read the full bill here.

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