00:00It's Benzinga, bringing Wall Street to Main Street.
00:02First Lady Melania Trump announced the Fostering the Future Accounts initiative Thursday
00:07in partnership with the Treasury Department, according to CNBC.
00:11The program extends Trump accounts to children in foster care and allows states to open Trump
00:16accounts on behalf of eligible foster children ahead of the official July 4th launch.
00:22Trump accounts, also known as Section 530A accounts, are tax-deferred investment accounts
00:27for children under 18 and include a one-time $1,000 Treasury deposit for children born
00:33between 2025 and 2028.
00:36Treasury Secretary Scott Besson said states can also direct supplemental security income
00:41or federal survivor benefit payments into the accounts.
00:44More than 400,000 children are currently in foster care in the U.S.
00:48So far, 23 governors have pledged to set up accounts for foster children in their states.
00:53For all things money, visit Benzinga.com.
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