First lady Melania Trump on Thursday announced "Fostering the Future Accounts," a Treasury Department-backed initiative that allows states to open Trump Accounts for children in foster care and provides a one-time $1,000 federal seed contribution for eligible newborn children.

“For the first time, children in foster care will have access to a dedicated savings and investment vehicle, ‘Fostering the Future Accounts,’” she said on Thursday, later adding that “America can offer services, help, and protection, but real freedom means being able to make independent choices about your own future.”

What Are ‘Fostering the Future’ Accounts?

“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,” the first lady said.

The initiative is part of President Donald Trump's November executive order, “Fostering the Future for American Children and Families,” which seeks to overhaul parts of the foster care system, and is linked to the soon-to-be-launched Trump Accounts, created from his One Big Beautiful Bill last year.

The first lady's initiative expands access to Trump Accounts for children in foster care by allowing state and territorial child welfare agencies acting as legal guardians to open accounts on their behalf.

The Trump Accounts program created a new savings vehicle for minors aimed at jump-starting long-term wealth building, with a federal seed contribution available for U.S. citizen children born between 2025 and 2028. Those Trump Accounts will include a one-time $1,000 deposit. All Treasury and personal contributions to the accounts will be available on July 4.

“America can offer services, help, and protection, but real freedom means being able to make independent choices about your own future. Property ownership helps make that possible," Melania Trump said.

The White House said 23 governors have pledged to set up accounts for foster children in their states.

“Now is the time for everyone to act. All 50 states should pledge to protect America’s foster youth. Let’s elevate America’s children above politics. I urge every Governor and business leader in America to help fund these accounts,” the first lady said.

Bessent added on Thursday, “When Trump Accounts launch on July 4, every eligible child in America will be able to participate, including those for whom the state serves as a legal guardian.”

The move was applauded by several institutions, including the America First Policy Institute and the Investment Company Institute.

Which Governors Have Pledged to Open 'Fostering the Future’ Accounts?

All of the governors who have pledged support for the initiative and said they will open accounts on behalf of foster children in their states are Republicans.

• Kay Ivey, Alabama
• Sarah Huckabee Sanders, Arkansas
• Ron DeSantis, Florida
• Brian Kemp, Georgia
• Brad Little, Idaho
• Mike Braun, Indiana
• Kim Reynolds, Iowa
• Jeff Landry, Louisiana
• Tate Reeves, Mississippi
• Mike Kehoe, Missouri
• Greg Gianforte, Montana
• Jim Pillen, Nebraska
• Joe Lombardo, Nevada
• Kelly Ayotte, New Hampshire
• Kelly Armstrong, North Dakota
• Mike DeWine, Ohio
• Kevin Stitt, Oklahoma
• Henry McMaster, South Carolina
• Larry Rhoden, South Dakota
• Bill Lee, Tennessee
• Greg Abbott, Texas
• Spencer Cox, Utah
• Patrick Morrisey, West Virginia

Several governors, including Lee, DeWine, and Reynolds, applauded the initiative on X shortly after the press conference.

Reynolds posted: "Iowa is proud to be a part of Fostering the Future, building financial independence for children in foster care through @TrumpAccounts. Thank you @FLOTUS and @SecScottBessent for empowering our state's FIRST dedicated savings and investment vehicle for foster youth!"

Rick Jackson, who is running for governor of Georgia and was raised in foster care, posted on X, "No administration has done more to support foster children than President Trump’s, and I’m grateful for that. I’m also thankful that Governor Kemp announced foster children will automatically be enrolled in Trump Accounts. When I’m governor, I’ll work to ensure Georgia matches the contribution foster children receive through First Lady Melania’s Trump Fostering the Future Accounts initiative. An anonymous donor gave me $100 one Christmas when I was in a children’s home. It changed my life, and I know this initiative will change the lives of countless foster children."

How Many Children Are Eligible?

There are around 400,000 children in foster care across the U.S. On average, more than 23,000 youths age out of the foster system without a permanent family every year, according to the National Foster Youth Initiative. Many of those children lack the resources to support themselves financially or know where to find support.

The separate $1,000 federal seed contribution is available only to eligible U.S.-citizen children born between January 1, 2025, and December 31, 2028, a narrower group than all foster children who may receive accounts.

In late March, the Internal Revenue Service said that more than 4 million children have been enrolled in Trump Accounts, with over 1 million of those accounts having opted in to receive the $1,000 pilot contribution.