Trump's week in review: Pentagon reverses Mormon designation; Secure America Act signed
5. Trump Accounts expanded for foster children
In a statement Thursday, the U.S. Department of the Treasury announced that as part of first lady Melania Trump’s Fostering the Future initiative, children under the custody of a child welfare agency of a state, territorial or tribal government will have the opportunity to gain access to a Trump Account.
Managed by the Treasury Department, Trump Accounts create a tax-free investment account for every newborn child that begins with a $1,000 payment from the federal government.
“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,” said Secretary of the Treasury Scott Bessent. Bessent identified Trump Accounts as “the most important benefit for young people since the GI Bill.”
The first lady referred to Trump Accounts for foster children as “Fostering the Future Accounts,” praising them as an effort to “give foster children the same chance for asset ownership and long-term wealth building as every other American child.”
The Treasury Department is encouraging states to deposit federal survivor benefits into Trump Accounts and take proactive steps to open Trump Accounts for children that do not already have them. The Internal Revenue Service will work with states to ensure that agencies have the tools to complete this process.
Ryan Foley is a reporter for The Christian Post. He can be reached at: ryan.foley@christianpost.com
