Story perspectives

Trump First Lady, Treasury Announce $1,000 Foster Savings Accounts

6/12/2026

Summary

Melania Trump Announces

First Lady Melania Trump and Treasury Secretary Scott Bessent announced the Fostering the Future Accounts for foster children on June 11, 2026.
Agencies can open accounts that receive a one-time $1,000 Treasury seed for children born Jan 1, 2025-Dec 31, 2028 who have a Social Security number.
Annual contributions may reach $5,000 and can include federal survivor benefits, with accounts becoming accessible at age 18.
Governors from 23 states pledged support for the program.

Summary

Stitt Expands Foster

Oklahoma Governor Kevin Stitt signed an order adding a $250 contribution for each eligible foster child in the new Trump Accounts.
Montana reported a 47 percent drop to 1,749 foster children since early 2021 after joining the federal “A Home for Every Child” initiative.
Treasury, Health and Human Services, and the Office of Management and Budget launched a helpline to help states set up Fostering the Future Accounts.

History

Historical Context

In 1996 President Bill Clinton signed the Personal Responsibility and Work Opportunity Reconciliation Act, ending AFDC, imposing a 60-month lifetime limit and block-grant funding for states. The reform followed a 27 % surge in welfare caseloads between 1990 and 1994. Building on that model, 2026’s Fostering Future Accounts, announced by Treasury Secretary Janet Yellen and First Lady Melania Trump, allocate a $1,000 seed per foster child.

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Melania Trump Announces

First Lady Melania Trump and Treasury Secretary Scott Bessent announced the Fostering the Future Accounts for foster children on June 11, 2026.
Agencies can open accounts that receive a one-time $1,000 Treasury seed for children born Jan 1, 2025-Dec 31, 2028 who have a Social Security number.
Annual contributions may reach $5,000 and can include federal survivor benefits, with accounts becoming accessible at age 18.
Governors from 23 states pledged support for the program.

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