← Videos · Economy, Tariffs & Trade

Secretary Bessent and First Lady Announce Fostering the Future Accounts at Treasury

June 11, 2026 · The White House · 0:13:29

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

At the Treasury Department, Secretary Scott Bessent welcomed First Lady Melania Trump to announce Fostering the Future Accounts. The First Lady said that for the first time, children in foster care will have access to a dedicated savings and investment vehicle, giving them, as she put it, the same chance for asset ownership and long-term wealth building as every other American child. She said foster youth will be able to access the assets at 18, and that the Treasury would let state child welfare agencies and foster youth representatives set up the accounts starting that day. She said 23 governors had already pledged to set up the accounts in their states, as she stated the count, and urged all 50 states to act.

Secretary Bessent explained that the accounts are powered by Trump Accounts: every American child born between January 2025 and December 2028 is eligible for a $1,000 seed contribution from Treasury which, assuming historical growth rates continue, he said should grow to at least half a million dollars by retirement age, as he stated the projection. He said that when Trump Accounts launch on July 4th, every eligible child will be able to participate, including those for whom the state is legal guardian, and that states can direct survivor and SSI benefits into foster youth accounts. He cited more than 330,000 young people in foster care, as he stated the figure, and recognized Louisiana Governor Jeff Landry’s leadership on participation.

Why it matters

The announcement extends the Trump Accounts program — a signature administration savings initiative — specifically to foster youth, with a launch date, an eligibility window and a seed figure stated on the record by the Treasury Secretary, making it a concrete marker in the site’s economic-policy chronicle.

Scoreboard watch

Flagged for the scoreboard editor: the statements made at this June 11, 2026 announcement — a July 4th launch for Trump Accounts, $1,000 Treasury seed contributions for children born January 2025 through December 2028, and 23 governors pledged to establish Fostering the Future Accounts — each as stated by Secretary Bessent and the First Lady, for checking against the program’s actual launch and state participation. No verdict is given here.

Sources: The White House, “Fostering the Future Financial Initiative Announcement”, Washington, DC, 2026-06-11 (official upload, embedded above; published 2026-06-11). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.